Energy preview: Further build in US EIA crude oil inventory deepens supply concerns

Crude oil inventories in the United States increased by 6.4 million barrels during the week ending November 7, after gaining 5.2 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 427.6 million barrels according to government data, which is still 4% below the five-year average for this time of year. For total motor gasoline, the EIA reported that inventories had contracted by 900,000 barrels, after seeing two weeks of large draws that when combined, represented a more than 10 million barrel loss in inventory. The most recent figures showed average daily gasoline production increasing to 9.9 million barrels.

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