US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.8 million barrels from the previous week. At 489.5 million barrels, US crude oil inventories are about 6% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of November 13, 2020.
US crude oil refinery inputs averaged 13.8 million barrels per day during the week ending November 13, 2020, which was 395,000 barrels per day more than the previous week’s average. Refineries operated at 77.4% of their operable capacity last week.
US crude oil imports averaged 5.3 million barrels per day last week decreased by 245,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 12.5% less than the same four-week period last year.
In gasoline, the EIA reported an inventory build of 2.6 million barrels for the week to November 13, compared with a decline of 2.3 million barrels for the previous week. Gasoline production averaged 9.1 million bpd last week, versus 9.3 million bpd a week earlier. In distillate fuels, the agency estimated an inventory decline of 5.2 million barrels, which compared with a hefty 5.4-million-barrel draw a week earlier. Distillate fuel production went up last week, averaging 4.3 million bpd.
U.S. crude futures fell in early trade on Thursday, giving up some of gains from the previous day as surging COVID-19 cases and widening lockdowns raised fears over fuel demand, offsetting further upbeat vaccine news. The spread of coronavirus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand. Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month. the U.S. crude inventories rose 768,000 barrels last week, less than analyst expectations in a Reuters poll for a 1.7 million-barrel rise, government data showed. Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, far exceeding expectations. To tackle weaker energy demand amid a new wave of the COVID-19 pandemic, Saudi Arabia called on fellow members of the OPEC+ grouping – OPEC and other producers including Russia – to be flexible in responding to oil market needs as it builds the case for a tighter production policy in 2021. OPEC+ members are leaning towards delaying a previously agreed plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January in an effort to support the market.
TREND : SIDEWAYS
Time : 19/11/2020
Pivot : 41.74
Technical View : LONG ABOVE 41.94
Target : 42.14, 42.41, 43.02, 43.54
Technical View : SHORT BELOW 41.54
Target : 41.34, 40.88, 40.46, 39.75