November crude oil prices traded in a flat to higher fashion during the early morning hours, as they reconciled equity market gains and a downwardly revised oil demand outlook from the IEA. Some traders pointed to weakness in the US dollar as an added force supporting the crude oil market. Yesterday's EIA report showed crude stocks rising by 1.672 million barrels, which was in line with expectations. Crude stocks at 366.37 million barrels were the highest for this week since 2010. Current supplies are 28.742 million barrels above year ago levels and 33.173 million barrels above the five year average. Crude oil imports for the week stood at 8.221 million barrels per day compared to 8.106 million barrels the previous week. The refinery operating rate was down 1.5% to 86.7%, which compared to 84.2% last year and the five year average of 83.31%.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
Copyright CME Group All rights reserved.