Oil prices eased Thursday morning despite the decreasing crude inventories and steady production in the US. Brent crude <LCOc1> was trading at $62.95/bbl as of 9:10AM UKT, down by 37 cents from the settle. While, WTI <CLc1> was down by 0.21 cents moving away from two years high touched yesterday following the shutdown of Keystone pipeline, standing at $57.81/bbl.
US crude oil inventories declined 1.85 million barrels (mmbbl) in the week ending November 17th, standing at 457.1 mmbbl according to the EIA data. The decline came along with an increase in refinery input of 199,000 bpd and utilization levels of 0.3%, currently at 91.30%. Production of crude oil increased to 96.5 million bpd, a w-o-w gain of 13,000 bpd.
Gasoline stocks were reported marginally up by 44,000 mmbbl, with the current stockpile standing at 210.4 mmbbl, close to the lowest point of this year that was monitored two weeks ago. Fuel oil increased slightly moving away from last week’s lowest point since February 2015, standing at 125 million bbl. Jet Fuel inventories increased by 0.85 mmbbl to 41.2 mmbbl.
The Oil Research Team
Supply Chain & Commodities Research