Oil Prices Are Plunging Amid A Shocking Inventory Build-Up (USO)

Oil Prices Are Plunging Amid A Shocking Inventory Build-Up (USO)

Weekly crude production inched up to another record high since the EIA started keeping weekly data in 1983, hitting 9.65 million barrels per day (bpd).

Meanwhile, the American Petroleum Institute (API) reported a massive build of 6.513 million barrels of United States crude oil inventories, more than triple analyst expectations. Analysts polled by S&P Global Platts expected a drop of 1 million barrels. December crude was down 69 cents, or 1.2%, from Tuesday to $55.01 a barrel on the New York Mercantile Exchange.

Crude prices came under pressure after the EIA revealed a somewhat downbeat outlook for oil demand in its monthly report, forecasting weakness in global demand growth, while warning that global oil markets will be oversupplied through the second quarter of 2018.

Crude runs rose 334,000 bpd to 16.6 million bpd as refinery utilization rates increased by 1.4 percentage points to 91 percent of capacity.

U.S. Gulf Coast distillate stocks fell to 38.8 million barrels, a one-year low.

After three weeks of drawdowns, gasoline stocks rose 894,000 barrels, compared with forecasts for a 919,000-barrel drop.

Inventories at the Cushing, Oklahoma, site decreased by 1.803 barrels this week.

U.S. commercial crude stockpiles jumped 1.9 million barrels while gasoline inventories grew by 900,000 barrels, according to U.S. Energy Department data on Wednesday.

WTI was trading relatively unchanged moments after the data release at $55.30 at 4:37pm EST, with Brent crude trading at $61.74.

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