Oil prices extended gains on Wednesday morning. Brent <LCOc1> was trading at $63.27/bbl as of 9:10 AM UKT, up by 1.12% from the previous settle. Meanwhile, WTI <CLc1> had gained 1.92% cents from the settle, standing at $57.92/bbl at the same time.
According to the US Weekly Crude Inventory report published by Thomson Reuters Oil Research, US crude stocks are estimated to have decreased by 3.23 million barrels (mmbbl) to 457.1 mmbbl in the week ending November 17th. Crude imports into the US are assessed at 7.73 million bpd for last week, down by 164,736 bpd w-o-w. Meanwhile, based on Thomson Reuters Global Trade Flows data, crude oil exports from the US are expected to have increased from the previous week’s to around 1.13 million bpd up by 9,203 bpd compared to the week before.
In addition, US weekly crude production is expected to have remained broadly flat, standing at 9.65 million bpd. Daily refinery input is expected to have risen by around 64,343 bpd compared to the previous week, to hit 16.7 million bpd for the week ending November 17th.
The Oil Research Team
Supply Chain & Commodities Research