US Crude Oil Stocks Drop, Prices Fall

U.S. crude oil stockpiles dropped by three point four million barrels in the week ending November fourteenth, following a significant gain the previous week. This brings commercial crude inventories to four hundred twenty-four point two million barrels, five percent lower than the average for this time of year over the past five years. The U.S. Energy Information Administrations data differs from earlier estimates, as the American Petroleum Institute had suggested a growth of four point four million barrels. Crude oil prices were down on Wednesday morning, with Brent crude trading at sixty-three dollars and forty-seven cents per barrel and WTI also seeing a similar drop. Gasoline inventories increased by two point three million barrels, while daily gasoline production slightly decreased to nine point three million barrels. Middle distillates, like diesel, inventories went up by two hundred thousand barrels, with production falling to an average of four point nine million barrels daily. Overall, the total amount of petroleum products supplied over the last four weeks remained steady, with gasoline demand averaging eight point eight million barrels per day and distillates demand averaging three point eight million barrels daily.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.