Similarly, the oil North Sea Brent, loses 2% and the barrel was agreed at US$93.41 in the contracts for January. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) reported that its crude oil basket closed on Tuesday at US$95.99 a barrel, compared to US$97.32 last Monday, which represented a decline of 1.4%. Both accumulate three days of falls.
The crude oil stocks in the United States grewwhile gasoline and distillate inventories decreased last weekreported Wednesday the Energy Information Administration (EIA, for its acronym in English).
The Crude inventories rose by 3.9 million barrels in the week completed on November 4, to 440.8 million barrelscompared to the expectations of analysts consulted in a Reuters poll of an increase of 1.4 million barrels.
stocks of raw at the Cushing, Oklahoma delivery center fell by 923,000 barrels in the last week, according to the EIA.
Crude processing at refineries rose by 247,000 barrels a day in the past week, according to the EIA. Refinery utilization rates increased by 1.5 points percentage in the week.
stocks of gasoline in United States they fell by about 900,000 barrels for the week, to 205.7 million barrels, according to the EIA, versus analysts’ expectations in a Reuters poll for a drop of 1.1 million barrels.
The distillate reserveswhich include diesel and heating oil, fell by about 500,000 barrels in the week to 106.3 million barrels, versus expectations for a drop of 0.8 million barrels, according to EIA data.
The net imports of crude oil from the United States increased by 653,000 barrels per day last week, according to the EIA.
USA cut its forecast for oil production growth for the next year, and projects now that the production will fail to reach an all-time high. US crude oil production will rise to 12.31 million barrels per day in 2023, down from a previous estimate of 12.36 million per day.
According to the executive director of EOG Resources, they estimate that production will be constrained by labor shortages, high equipment costs and supply chain constraints.
Source: Ambito
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