Oil prices edged higher after the Energy Information Administration reported growth in U.S. crude inventories, though stocks remain below seasonal norms.
The Nymex December West Texas Intermediate contract was 3cts higher at $60.59/bbl on Wednesday, and the January WTI contract was up by 6cts at $60.37/bbl.
The ICE January Brent contract rose 10cts to $64.54/bbl, and February Brent was up by the same amount at $64.17/bbl.
Diesel futures led refined products higher. The Nymex December ULSD contract was up 3.26cts at $2.4772/gal, and the January ULSD contract rose 2.52cts to $2.4327/gal.
The December RBOB contract was on track for a fifth straight day of gains, up 0.52ct at $1.9280/gal. January RBOB futures were 0.25ct higher at $1.8817/gal.
The gains follow the EIA’s report of a 5.2 million-bbl increase in U.S. crude inventories outside the Strategic Petroleum Reserve for the week ended Friday.
Stockpiles are 4% below the seasonal five-year average.
Gasoline and distillate inventories fell, signaling tighter supplies heading into winter. EIA reported a 4.7 million-bbl drop in U.S. gasoline stocks, leaving them 5% below the five-year average. Distillate inventories fell by 0.6 million bbl, and are now 9% below seasonal average levels.
Geopolitical risks, including Ukrainian attacks on Russian oil infrastructure and U.S. sanctions on Russian petroleum exports, continue to contribute to volatility.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
— Reporting by Allegra Fradkin, afradkin@opisnet.co; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
11-05-25 1209ET