Crude oil inventories fall 1.3 MMBO

Crude oil inventories saw a modest draw today, falling 1.3 MMBO in the week ended November 18, 2016, according to data released by the Energy Information Administration. Economist anticipated a build of 290 MMBO for last week. Total U.S. crude oil in storage now stands at 489.0 MMBO, the end of the five-year range for this time of year.

Crude oil inventories for the week ended Nov 18, 2016

Gasoline inventories increased by 2.3 MMBO last week, and remain well above the upper limit of the five-year average range. Total motor gasoline supplied (the EIA’s measure of consumption) averaged 9.2 MMBO for the past four weeks, up by 0.6% compared with the same period a year ago.

Crude oil prices have fluctuated today, dipping below the opening price of $47.94 before climbing into positive territory following the inventory report.

Natural gas inventories also see a draw

The EIA released both the crude oil and natural gas inventory reports for the week ended November 18, 2016, Wednesday ahead of the Thanksgiving holiday. The natural gas report showed a small draw of 2 Bcf from the prior week, compared to anticipated build of 7 Bcf.

Natural gas storage for the week ended Nov 18, 2016

Natural gas remains at the high end of the five-year average as well, with 4,045 Bcf of natural gas currently in storage. Natural gas prices headed into positive territory Wednesday following the release of the inventory report as well.

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