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Oil Inventories Fall by Less Than Expected 747,000 Barrels Last Week: API

CommoditiesNov 30, 2021 04:55PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell less than expected last week, exacerbating worries about the demand outlook at a time when the new Omicron Covid variant threatens travel demand.   

West Texas Intermediate, the U.S. benchmark, traded at $66.94 barrel on the news, after settling down 5.4% at $66.18 a barrel. 

U.S. crude inventories fell by 747,000 barrels for the week ended Nov. 23. That compared with a build of 2.3 million barrels reported by the API for the previous week. Economists were expecting a draw of about 1.7 million barrels. 

The API data also showed that gasoline inventories rose by 2.2M barrels last week, and distillate stocks increased by 800,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.24 million barrels last week.

Oil prices slumped Tuesday, as market participants fear that the new Covid variant's impact on energy demand could force OPEC and its allies to delay plans to increase production at their meeting on Thursday.  

OPEC+ confirming its plan to increase production is “virtually unimaginable in view of the latest market developments,” Commerzbank (DE:CBKG) said in a note

 
 
Oil Inventories Fall by Less Than Expected 747,000 Barrels Last Week: API
 

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Comments (3)
William Bailey
William Bailey Nov 30, 2021 6:10PM ET
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Yep! Refuse to travel , or buy gas. Solarize your home and buy any electric car , but dont buy meme cars like Tesla . Screw over big oil
Mir Chang
Mir Chang Nov 30, 2021 6:10PM ET
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Tim King when 90% of the whole world depends on big oil.
Mark McMillan
Mark McMillan Nov 30, 2021 5:13PM ET
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price at the pump is a realization that oil prices are are going to rise quickly again once OPEC reduces production. This is a our new normal due to the threat of green replacement. Here in the USA we can beat the price with our own production and quit relying on OPEC.
By designe
Bydesigne Nov 30, 2021 5:13PM ET
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Being Capital driven oil producers always seem to end up producing more hen is needed driving prices down with subsequent bankruptcies following that.The boom bust cycle effects it more so then the green push.
William Bailey
William Bailey Nov 30, 2021 5:13PM ET
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Just go solar and electric car
Empire Destroyer
Empire Destroyer Nov 30, 2021 5:13PM ET
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Oil tanking and petrol price in UK been same for over a week... joke
Olinya Timothy okwudili
Olinya Timothy okwudili Nov 30, 2021 5:10PM ET
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i like it
Petet Larkar
Petet Larkar Nov 30, 2021 5:10PM ET
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why?
By designe
Bydesigne Nov 30, 2021 5:10PM ET
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according to the accepted green push theory that some investors adhear to, such doctrine lays out that the lack of investments into carbon energy will result in fewer new drilling projects and stagnation of production driving up prices; more so then the enshewing of carbon fuels by consumers resulting in less consumption, pushing down prices.
William Bailey
William Bailey Nov 30, 2021 5:10PM ET
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By designe theory is oil will plummet soon when tthey realize alternative is super cheap
 
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