The Energy Information Administration (EIA) has recently released its report on U.S. commercial crude inventories. The data reveals that inventories saw a significant rise of 3.6 million barrels for the week ended Nov. 10, bringing the total to 439.4 million barrels. It is important to note that last week’s data was delayed due to a systems upgrade, and the EIA reported a commercial crude supply total of 435.8 million barrels for the week ended Nov. 3.
Additionally, the EIA announced changes in its data collection methods, which will bring more accuracy and reliability to future reports. The latest report disclosed declines in gasoline and distillate supplies, with 1.5 million barrels and 1.4 million barrels respectively.
In Cushing, Oklahoma, the Nymex delivery hub experienced a decrease of 1.9 million barrels in crude stocks during the previous week.
Meanwhile, oil futures continue to decline. December West Texas Intermediate crude is currently down $1.24, or 1.6%, trading at $77.02 a barrel on the New York Mercantile Exchange. Prior to the release of the supply data, prices were trading at $77.28.
These developments in U.S. commercial crude inventories and oil prices highlight the ongoing challenges in the energy market.