United States crude oil, product stockpiles likely down again

United States crude oil, product stockpiles likely down again”

Oil steadied near $57/bbl in NY as data showing USA crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia.

The latest data adds to signs of consistently high USA output and are likely to weigh on markets.

(Dow Jones) US inventories of crude oil unexpectedly increased for the week ended 3 November, even as refinery activity sped up, according to data released Wednesday by the Energy Information Administration. "Everybody is coming to the realization that shale is here to stay". Just yesterday, OPEC itself said US shale output will continue to grow and may not max out until the middle of the next decade. The mixed report combined with the technically overbought market may give investors an excuse to take profits and re-enter at more favorable price levels. The contract reached a 28-month high earlier this week.

After the data was reported, at 14:45 London time, January Brent was at $63.12/bbl, down 57 cents/bbl, while December WTI was trading at $56.58/bbl, up 62 cents/bbl. The global benchmark crude traded at a premium of $6.28 to January WTI. That slightly topped the previous high reached in June 2015, just before the oil price crash sparked a more than one-year decline that dropped USA output to roughly 8.4 MMBPD.

During the week ending on 3 November, total United States commercial crude inventories rose by 2.2m barrels (consensus: 2.9m) versus the prior week to reach 457.1m barrels, according to the Energy Information Administration.

Exports fell by 1.26m b/d to 869,000 b/d, the EIA said. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls.

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