The change compared with a draw of 5.9 million barrels for the reported week as estimated by the American Petroleum Institute. It also followed an estimated inventory build of a modest half a million barrels for the previous week.
The partial confirmation of the API estimate will likely push prices higher but it would be countered by fuel inventory changes.
In these, the EIA estimated builds for the week to November 22.
Gasoline stocks added 3.3 million barrels in the week to November 22, with production averaging 9.7 million barrels daily, the EIA said in its report. This compared with an inventory build of 2.1 million barrels for the previous week, when production averaged 9.3 million barrels daily.
Middle distillate stocks rose by 400,000 barrels in the reporting period, with production at 5.1 million barrels daily. This compared with a modest draw of 100,000 barrels for the previous week, when production stood at an average 4.8 million barrels daily.
Refineries processed 16.3 million barrels daily last week, up from the previous week’s 16.2 million bpd. Imports averaged 6.1, compared with 7.7 million barrels daily for the previous week.
Oil prices, meanwhile, remain stuck between what most on the market perceive as weak demand and ample supply, even though OPEC+ is expected to extend its production curbs into 2025 at its next meeting, due to take place on Sunday.
A ceasefire between Israel and Hezbollah has served as a fresh lid on prices this week but news of Israeli attacks on Lebanon soon after the announcement of the deal could interfere with the perception of de-escalation in the Middle East.
Elsewhere, Canadian oil drillers rattled by president-elect Donald Trump’s plans for tariffs on all imports warned this would make U.S. prices at the pump higher. Canada is the largest oil exporter to the U.S.
Oilprice.com