EIA Reports 2.8 Million-Barrel U.S. Crude Build, Contradicting API’s Draw Estimate

Overview

• Commercial crude inventories rose by 2.8 million barrels in the week ending November 21 to 426.9 million, which sits 4% below the five-year average.
• The EIA release diverged from the API’s prior estimate that pointed to a 1.9 million-barrel draw for the same week.
• Gasoline stocks increased by 2.5 million barrels and distillates by 1.1 million barrels, with distillate inventories still 5% under the five-year norm.
• The Department of Energy reported the Strategic Petroleum Reserve added 500,000 barrels, lifting total SPR holdings to 411.4 million.
• Oil prices ticked lower following the data, with both Brent and WTI edging down in Wednesday trading.