US Crude Inventories At Record High

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US crude stocks record reached high in the ended week on November 6. During the week gains of 42 million barrels showed in the stock, and the stock has risen to 48.7 million barrels. According to the report of US Energy Information Administration, crude stocks at the beginning of November have not seen at this level in the last 80 years. “At 458.5 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years,” the EIA statement said. Crude stocks in the week ended November 6 is significantly higher than expected growth projections. The government had previously estimated growth of 1.1 million barrels. Crude oil stocks have gained continuously in the seventh week. However, on the other hand due to increased consumption of gasoline, this week sharp decline have seen in the stock. In the ended week November 6 , gasoline stocks fell from 2.1 million barrels and risen to 21.3 million barrels. Government estimated to fall 6 million barrels of gasoline stocks.

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