FX.co ★ U.S. Crude Oil Inventories Edge Modestly Higher

According to the Energy Information Administration's report released on Wednesday, U.S. crude oil inventories experienced a slight increase for the week ending November 15th. The report indicated that crude oil stocks increased by 0.5 million barrels last week, following a rise of 2.1 million barrels in the previous week, aligning closely with economic forecasts.

Currently, U.S. crude oil inventories total 430.3 million barrels, which is around 4% lower than the five-year average for this period. The report also highlighted that gasoline stocks rose by 2.1 million barrels last week, yet remain approximately 4% below the five-year average for this time of year.

Conversely, distillate fuel inventories—which encompass heating oil and diesel—dipped by 0.1 million barrels over the same period. These inventories are similarly about 4% below the five-year average for this time of year.