Afternoon Market Overview

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The API started the weekly inventory report cycle with a mostly bullish inventory snapshot. Crude oil inventories declined more than the market expectation with a modest draw as distillate stocks and an expected build in gasoline inventories. The total combined inventories of crude oil and products were lower on the week.

Overall the market traded slightly higher after the report was issued.   The API reported US crude oil stocks decreased by 6.4 million barrels on the week. Cushing crude oil stocks decreased by 1.7 million barrels. They also reported a 1,7 million bbl draw in distillate fuel and a 0.9 million bbl build in gasoline stocks.

Total combined inventories of crude oil and refined products were lower for the week and outside the range of market expectations. Canadian imports into the US for the week ending November 10 increased by 176,000 bpd to 3.377mn bpd and are now 258,000 bpd below the previous all- time record-high reached earlier in the year, per the U.S. Energy Information Agency.