The U.S. Energy Information Administration released petroleum inventory data for the week ending November 6, showing increases across crude oil and refined products. Crude inventories rose by 4.7 million barrels, reaching 414.4 million barrels in total commercial stockpiles. This level stands 4% below the five-year average for the corresponding period. The broader measure of total commercial petroleum inventories grew by 11.4 million barrels during the reporting week.
Motor gasoline and middle distillates also posted inventory gains. Gasoline stockpiles increased by 1.8 million barrels following a small decline the previous week, while middle distillate inventories expanded by 4.1 million barrels. Distillate inventories remain 8% below their five-year average. Average daily gasoline production fell to 9.6 million barrels, and middle distillate production decreased to 5.1 million barrels daily.
Oil demand metrics, as measured by total products supplied, showed a four-week average of 20.8 million barrels per day, representing a 0.9% increase compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the four-week period, while distillate supplied averaged 3.9 million barrels daily, up 4.2% year-over-year. Crude futures markets responded to the data release, with Brent crude trading at $93.29 per barrel and WTI at $86.31 per barrel during Thursday morning trading.
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