Overview
- EIA data show commercial crude inventories rose by 6.4 million barrels in the week ending November 7 to 427.6 million, about 4% below the five-year average.
- Gasoline stocks fell by 900,000 barrels as output climbed to 9.9 million barrels per day, and distillate inventories declined by 600,000 barrels with production near 5.0 million barrels per day and stocks 8% below average.
- The government figures contrasted with the API’s prior estimate of a 1.3 million barrel crude build, highlighting ongoing volatility in weekly readings.
- OPEC this week projected a slight oversupply in 2026 after previously seeing a deficit, echoing IEA warnings and adding pressure to a fragile price recovery.
- Oil prices rose more than 2% early Friday after a Ukrainian drone strike damaged a Russian Black Sea oil depot and as new U.S. sanctions on Rosneft and Lukoil tightened constraints on flows.