The American Petroleum Institute (API) reported a crude oil inventory build of 5.36 million barrels for the week ending November 30, compared to analyst expectations of a draw in crude oil inventories of 2.267 million barrels.
Last week, the API reported a build of over 3 million barrels. A day later, the EIA had confirmed the build.
Leading up to today’s data release from the API, crude oil prices were trading modestly up at 1:08pm EST, with WTI up $0.17 (+0.32%) at $53.12 and Brent crude up $0.37 (+0.60%) at $62.06. This was due to various OPEC players, including Russia, giving new hope that a production cut may be reached this weekend, and that the production cut could be as much as 1.4 million bpd.
Inventories in the Cushing, Oklahoma facility this week had climbed by 1.44 million barrels.
The API reported a build in gasoline inventories for the week ending November 30 in the amount of 3.61 million barrels. Analysts had predicted a build of 1.333 million barrels for the week.
US crude oil production as estimated by the Energy Information Administration was also bearish in nature, showing that production for the week ending November 23 stood 11.7 million bpd for a third week in a row.
Distillate inventories were up this week by 4.32 million barrels, compared to an expected build of 1.600 million barrels.
The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00a.m. EST, delayed one day in observation of the George H.W. Bush Memorial Service Day on Wednesday.
By 4:40pm EST, WTI was trading up for the day at $52.61 and Brent was trading up at $61.43.
crude oil inventory build of 5.36 million in Nov 30. Last week, the API reported a build of over 3 million barrels. Means an increase of 5.36 - 3 = 2.36 million extra in a week time, which is very significant increment of output US can do.
Ya wor...production increase wor...oil price drop...why no increase share price...oil price is volatility mah...could be low and could be high...index red red mah...you cannot resist it to down mah...green then different story...hehe
If continue to see high no buyers sell low many buyer trend !! But price remain same we might be seeing a 2:1 ratio in future folks !! High volume no sellers but many buyers !! Long term super good !!
Thos ppl say aa price iz not cheap becoz they based on past data...they say the high eps is beoc of disposal n tax write bak...nex yr u wil b surpised n then they will say buy buy with pe of 8 aa shld b rm8...then they will goreng it to rm 6 n then dispose...
when 2019 us senate pass the law on nopec..u will c the opec no longer controlling oil price...then u c the normal price of oil is only 60 in long term...
The NOPEC bill would amend U.S. antitrust laws to allow OPEC members to be sued for collusion. OPEC controls production from member nations by setting output targets.
Historically, former U.S. presidents have opposed NOPEC legislation. But, some external observers say President Donald Trump could give the bill fresh momentum after repeatedly attacking the group for keeping oil prices "artificially very high."
normally big fund manager will chase high the price when year end to show their manage fund performance well. AAGB is the one of the top pick of fund manager.
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Posted by Wei Wong > 2018-12-05 09:00 | Report Abuse
So many people want go in Air Asia But nobody is selling all holding & collect !! Haha