Sumary of A supportive macro backdrop and robust fundamentals should help the likes of ConocoPhillips (COP), EOG Resources (EOG), Suncor…:
- This story originally appeared on Zacks U.S. crude prices barely budged on Wednesday despite a weekly report from the Energy Information Administration (“EIA”) showing draws in fuel stockpiles as rising oil supplies blunted the impact.
- Moreover, energy traders largely stuck to the sidelines, awaiting next week’s OPEC+ ministerial meeting and the carte’s response to some major economies (led by America) releasing crude stockpiles in a coordinated effort to lower fuel prices.
- On the New York Mercantile Exchange, WTI crude futures lost 11 cents, or 0.1%, to settle at $78.39 a barrel.
- Below we review the EIA’s Weekly Petroleum Status Report for the week ending Nov 19. – Zacks Analyzing the Latest EIA ReportCrude Oil: The federal government’s EIA report revealed that crude inventories rose 1 million barrels as opposed to expectations of a 1.3-million-barrel decrease per the analysts surveyed by S&P Global Platts.
- The combination of dive in exports, higher imports and a recovery in production accounted for the surprise stockpile build with the world’s biggest oil consumer even as refinery activity improved.
- This put the total domestic stocks at 434 million barrels — 11.2% less than the year-ago figure and 7% lower than the five-year average.
- The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) were up 787,000 barrels to 27.4 million barrels.
- Meanwhile, the crude supply cover was down from 28.5 days in the previous week to 28.3 days.