US crude oil inventories up by 1.5% for week ending Nov. 7

US commercial crude oil inventories increased by 1.5% during the week ending Nov. 7, according to data released by the Energy Information Administration (EIA) late Thursday.

Inventories rose by around 6.4 million barrels to 427.6 million barrels, against market prediction of a 1.7 million-barrels increase.

Strategic petroleum reserves, which are excluded from commercial crude stocks, increased 800,000 barrels reaching to 410.4 million barrels, the data revealed.

Over the same period, gasoline inventories decreased by around 900,000 barrels to 205.1 million barrels.

– Crude production increases

EIA data showed that US crude oil production increased by 211,000 barrels per day (bpd) to about 13.86 million bpd during the week ending Nov. 7.

US crude oil imports decreased by 703,000 bpd to approximately 5.22 million bpd, while exports fell by around 1.56 million barrels bpd to around 2.82 million bpd over the same period.

In the Short-Term Energy Outlook (STEO) released on Nov. 12, the EIA predicted that crude oil output in the country would reach an average of 13.59 million bpd in 2025.

• Energy Information Administration (EIA)
• Short-Term Energy Outlook (STEO)
• US commercial crude oil inventories