Supply Cuts And US Crude Oil Stocks Drawdown
Crude Oil stocks build when the expectations were for a draw. Crude oil prices had rallied during the last several days as OPEC and Russia agreed on deeper cuts in production, and then today the unexpected crude stocks build pressured prices. Refined products had even greater than expected stocks build which added further downward pressure on crude prices.
The DOE reported Total Crude Oil Inventories increased by 800,000 barrels to 447.9 million barrels for the week ending December 6, 2019, while the expectations average was for a 2.8 million barrel draw.
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- Total Crude Oil Inventories 800,000 barrels to 447.9 million barrels
- Total hydrocarbon supplies increased by 17.2 million barrels to 1,281 million barrels
- Crude Oil Production decreased by 100,000 barrels to 12.8 million barrels per day
- Total Crude Imports increased by 900,000 barrels per day to 6.9 million barrels per day
- Total Crude Exports increased by 265,000 barrels per day to 3.4 million barrels per day
- Total Refinery Crude Runs were down 200,000 barrels per day at 16.6 million barrels per day