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Crude Oil Surprise: Unexpected Drop in US Supply
3 Dec
Summary
- US crude inventories unexpectedly decreased by 2.48M barrels.
- Gasoline stockpiles saw a significant increase of 3.2M barrels.
- Distillate inventories also rose, adding 2.88M barrels.
U.S. crude oil futures remained relatively stable following the release of weekly inventory data. The American Petroleum Institute reported an unexpected draw in U.S. crude supplies for the week ending November 28, showing a decrease of approximately 2.48 million barrels. This figure contrasted with market expectations of a build.
Despite the decline in crude oil stocks, gasoline inventories experienced a substantial increase, rising by about 3.2 million barrels. Similarly, distillate inventories, which include diesel and heating oil, climbed by approximately 2.88 million barrels during the same period.
Traders are now awaiting the official government inventory report, which is scheduled for release on Wednesday at 10:30 AM ET. This report is expected to provide further insights into the dynamics of the U.S. oil market.
