Crude oil prices on the New York and London markets gained more than $1 on Nov. 24 following reports of a downed Russian fighter jet on the Turkey-Syria border (OGJ Online, Nov. 24, 2015).
But prices were falling again early on Nov. 25 ahead of the US Energy Information Administration’s weekly crude inventory report, with continued concerns about oversupply.
US commercial crude inventories, excluding those in the Strategic Petroleum Reserve, increased 1 million bbl during the week ended Nov. 20 from the previous week, EIA reported on Nov. 25. At 488.2 million bbl, inventories remain near levels not seen for this time of year in at least the last 80 years.
The American Petroleum Industry previously estimated stockpiles rose 2.6 million bbl.
Meanwhile, US retail regular-grade gasoline prices continue to decline, averaging $2.09/gal as of Nov. 23, down 73¢ compared with this time last year and the lowest heading into a Thanksgiving holiday weekend since 2008, EIA notes.