US crude inventories rose by 4.7 million barrels to 414.4 million for the week ending November 6, as total commercial petroleum stocks climbed by 11.4 million barrels amid ongoing geopolitical volatility.
EIA data for the week ending November 6 shows a 4.7 million barrel build in commercial crude to 414.4 million barrels, plus a 1.8 million barrel gasoline build and a 4.1 million barrel distillate build — a broad supply surplus that weighs on WTI. Yet prices showed little reaction: WTI was trading down only $0.22 (-0.25%) at $86.31, as Iran-related geopolitics dominated. The bearish inventory signal is real but softened by strong demand, with total products supplied up 0.9% year-on-year.
The US EIA weekly data showing builds in crude (+4.7 million barrels), gasoline (+1.8 million) and distillates (+4.1 million) is a bearish supply-side signal for oil broadly, including Brent. Still, Brent was up $0.53 (+0.57%) at $93.29 on the day and down roughly $7.50 from the prior Wednesday, indicating geopolitical drivers were masking the inventory weight.
The EIA reported a 4.7 million barrel build in US commercial crude stocks for the week ending November 6, bringing total inventories to 414.4 million barrels. Despite the broad supply surplus, which included a 1.8 million barrel gasoline build and a 4.1 million barrel distillate increase, oil prices remained largely driven by geopolitical tensions surrounding Iran.
Rising across the board for the week ending November 6: crude oil up 4.7 million barrels to 414.4 million, gasoline up 1.8 million barrels, and distillates up 4.1 million barrels, for a total commercial petroleum build of 11.4 million barrels.
Only mildly: WTI was down $0.22 (-0.25%) at $86.31 on Thursday morning and down nearly $7.50 from the previous Wednesday, as geopolitical developments around Iran were overshadowing the bearish inventory numbers.
Indirectly: large US builds (crude +4.7 million barrels, total petroleum +11.4 million barrels for the week ending November 6) signal softer supply-demand balance globally, which is a headwind for Brent, though geopolitical news around Iran was keeping Brent near $93 on the day.