US oil stocks rise for the tenth consecutive week

US OIl STCKS Rise - Jorge Neri Bonilla - Francisco Neri.png

Crude stocks rose last week in United States for the tenth consecutive week, as well as gasoline and distillates due to an increase in the re`ning rate, as showed the Energy Information Administration data on Wednesday

Crude stocks increased by 1.2 million barrels during the week ended on November 27th, as opposed to the analysts’ expectations of a drop by 471.000 barrels. Imports grew by 414.000 barrels per day, according to Reuters.

Crude stocks in Cushing, Oklahoma, delivery point for oil contracts with US, rose by 428.000 barrels, the EIA said.

The crude refining was 423,000 barrels higher, with a utilization rate advancing by 2.5 percentage points to 94.5 percent of the capacity. Crude futures in United States, which lowered by 50 cents to $41.31 per barrel before the report, enlarged losses upon the data release and were traded at $40.90 per barrel.

Meanwhile, gasoline stocks rose by 135,000 barrels, an amount lower than analysts’ expectations forecasting of an increase by 1.5 million barrels according to a poll conducted by Reuters.

And distillates reserves, including diesel and heating oil, increased by 3.1 million barrels as opposed to expectations of a rise by 326,000 barrels.

Analysis by Jorge Neri Bonilla

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