Commercial crude oil inventories in the US increase by 1.0 million barrels in the week ending November 19, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. This reading came in above market expectations for an inventory draw of 0.5 million barrels.

However, gasoline stocks saw a slightly larger than forecast draw of 0.603 million barrels versus forecasts for a 0.5 million barrel draw. That decline took gasoline inventories to their lowest level since 2017, the EIA said. Distillate stocks also saw a larger than forecast draw of 2.0M barrels versus forecasts for a 1.0M barrel draw. 

Market Reaction

US oil prices have not reacted to the latest mixed EIA inventory report. WTI prices, for now, continue to consolidate in the $78.00-$78.50 area.