In the week ending November 3, 2017, US crude oil inventories rose by 2.2 MMbbls (million barrels) to 457.1 MMbbls. The market expected a fall of 2.5 MMbbls for the same week. After the EIA’s (U.S. Energy Information Administration) oil inventory report on November 8, 2017, US crude oil prices fell 0.7%.
The inventories are above their five-year average, which is crucial for oil (UCO) (BNO) (OIIL) prices. The difference between inventories and the five-year average is called as the “inventories spread.” If the inventories spread rises, it can pull oil lower.
In the week ending November 3, 2017, the inventories spread was at 16.5%. It was 1.8 percentage points above the level the previous week. After the EIA’s inventory report on November 8, 2017, US crude oil (USL) (DBO) prices have fallen 2% to date.
In the week ending November 10, 2017, US commercial crude oil stockpiles are expected to fall by 2.1 MMbbls. The EIA will release its oil inventory data on November 15, 2017. However, the American Petroleum Institute reported a buildup of 6.5 MMbbls on November 14. Any rise up to 8.6 MMbbls will keep the inventories spread steady.
In this series, we'll take a look at institutional investors' utility holdings in 3Q17.
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As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.