WTI crude futures fell more than 3% to below $81 today (Nov. 4) after the EIA announced that U.S. crude inventories rose more than expected last week.
- WTI crude futures were down $3.05, or 3.6%, to close at $80.86 a barrel.
- Brent crude futures were down $2.73, or 3.2%, at $81.99 a barrel.
Crude oil contracts fall after the EIA announced that U.S. crude oil inventories rose by 3.3 million barrels last week. This is in line with what the API had previously predicted, U.S. crude oil inventories rose by 3.6 million barrels last week.
The EIA also reported that crude oil inventories at Cushing, Oklahoma, the delivery point for U.S. crude oil futures, fell by 900,000 barrels.
Gasoline inventories decreased by 1.5 million barrels. Stocks of distillates, heating oil, and diesel rose by 2.2 million barrels last week.
Investors are turning their attention to today’s meeting of OPEC and OPEC+. OPEC+ is expected to continue to vote to increase oil production by only 400,000 barrels per day in December. Although many countries have been pushing to increase production more to curb rising oil prices.
The Spot Market is Open
Thursday, November 4, 2021