The DOE reported Total Crude Oil Inventories increased by 1.4 million barrels to 450.4 million barrels for the week ending November 15, 2019, while the expectations average was for a 1.5 million barrel build.
- Total hydrocarbon supplies decreased by 5.0 million barrels to 1,269 million barrels.
- Crude Oil Production was unchanged at 12.8 million barrels per day.
- Total Crude Imports increased by 200,000 barrels per day to 6.0 million barrels per day.
- Total Crude Exports increased by 394,000 barrels per day to 3.0 million barrels per day.
- Total Refinery Crude Runs were up 500,000 barrels per day at 16.44 million barrels per day.
The DOE report was bullish for crude oil prices and prices rallied throughout the trading day after the report was released. Prices were also supported by reports that Russia said it would continue its cooperation with OPEC to keep the global oil market balanced. However, the continued US-China trade war is pressuring prices as there currently appears to be no progress in completing the Phase One trade agreement.