Crude Oil Dives $4 Lower After EIA Inventories Buildup, OPEC Meeting Postponed
Crude oil prices have been decreasing and after the bullish attempt of the last two days, sellers still remain in control. WTI crude fell below $80 this month as tensions in the Middle East did not appear to be spreading further in the region, which would have impeded output. WTI Oil has lost all of its gains from the Israel-Hamas conflict, implying that, barring more escalation with Iran, the market has calmed down and is now focusing on economic data.
Prior to the announcement, the price of WTI crude Oil had already tumbled due to the news about the delaying of the OPEC meeting and WTI was trading at $74.20. Investors are concerned about OPEC+’s capacity to decrease production quotas after they postponed their scheduled meeting from November 26 to November 30. The current price is $74.20, a $-4 or -4.5% decrease from $78.
Weekly EIA Inventories Crude Oil
- Weekly EIA inventories crude oil 8.701M versus +1.160 million estimate
- Prior week inventories were +3.592 million
- Crude oil 8.701M versus +1.160 million estimate.
- Gasoline 0.749Mversus -0.150 million estimate. Prior week -1.540 million
- Distillates -1.018M versus -0.761 million. Prior week -1.422 million.
- Cushing +0.858M versus +1.925M last week
- refinery utilization +0.9% versus 0.9% expected and 0.9% prior
Last night’s private data revealed a very big 9.1 million increase in crude oil stockpiles. The following numbers are for the other inventory data:
US WTI Crude Oil Live Chart
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals