U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.3 million barrels from the previous week. At 489.0 million barrels, U.S. crude oil inventories are at the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 2.3 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories increased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.8 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories decreased by 0.1 million barrels last week.

This morning, New York crude oil futures for Brent and WTI traded almost flat as traders expect new informations on the production cut from the OPEC meeting. However, analysts warned that the failure of this initiative will lead to an increase in the oversupply in early 2017. At present, there are discusions between cartel members and Russia to agree on a coordinated restriction of production to support the market, balancing supply and demand.

(raw materials / closing price /% change)

Oil 47.90 -0.27%

Gold 1,212.00 +0.07%