U.S. Crude Oil Inventories Up Last Week - EIA

(RTTNews) - Crude oil and gasoline inventories in the U.S. moved up during the week ended November 22, official data showed Wednesday. The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories increased 3.0 million barrels to 391.40 million barrels last week, and are well above the upper limit of the average range for this time of year.

The week before, crude oil inventories increased 0.40 million barrels to 388.50 million barrels.

Moreover, total motor gasoline inventories moved up 1.80 million barrels last week, after dipping 0.30 million barrels in the prior week, and are above the upper limit of the average range.

Analyst expected crude oil inventories to add 0.75 million barrels last week.

Last Tuesday, data from the API revealed that U.S. crude oil inventories jumped 6.90 million barrels in the weekended November 22

Oil refinery inputs averaged about 15.60 million barrels per day during the week, which were 104,000 barrels per day higher than the previous week's average as refineries operated at 89.40 percent of their operable capacity.

Meantime, U.S. crude oil imports during the week averaged over 7.70 million barrels per day last week, down by 145,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 7.70 million barrels per day, 3.5 percent below the same four-week period last year.

Light Sweet Crude Oil (WTI) futures for January delivery are shedding $1.40 to $92.28 a barrel.