The Energy Information Administration (EIA) published a report on Thursday indicating that crude oil inventories in the United States experienced a larger-than-anticipated increase during the week ending November 8th. The EIA revealed that crude oil stocks rose by 2.1 million barrels for the second consecutive week, surpassing economists' forecasts of a 1.0 million barrel uptick.
According to the report, crude oil inventories are currently at 429.7 million barrels, approximately 4% below the five-year average for this period. In contrast, gasoline inventories significantly decreased by 4.4 million barrels last week, falling to around 4% below their five-year average for this time of year.
Similarly, distillate fuel inventories, which encompass heating oil and diesel, declined by 1.4 million barrels and are now about 5% below the five-year average for this period, as detailed by the EIA.
