Oil prices traded down on Wednesday morning, with everyone waiting the result of the OPEC meeting taking place tomorrow. Brent <LCOc1> was trading at $63.33/bbl as of 9:00 AM UKT, down by 0.44% from the previous settle. Meanwhile, WTI <CLc1> had declined by 0.38% from the settle, standing at $57.77/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 increased by 2.19 million barrels (mmbbl) to 458.4 mmbbl in the week ending November 24th. Crude imports into the US are assessed at 8.72 million bpd for last week, increased by 855,809 bpd w-o-w. Meanwhile, based on Thomson Reuters Global Trade Flows data, crude oil exports from the US are expected to have decreased from the previous week’s to around 0.97 million bpd down by 613,548 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 258,514 bpd compared to the previous week, to hit 17.1 million bpd for the week ending November 24th.
The Oil Research Team
Supply Chain & Commodities Research