U.S. commercial crude oil inventories increased last week International oil prices fell significantly on November 9

Due to the significant increase in U.
S.
commercial crude oil inventories last week, the international crude oil futures price fell in the overnight market, and the intraday volatility fell on the 9th, and the international oil price fell
significantly at the close.

Light crude futures for December delivery fell $3.
08, or 3.
46%,
to settle at $85.
83 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for January 2023 delivery fell $2.
71, or 2.
84%, to settle at $92.
65 a barrel
.

According to data released by the US Energy Information Administration on the 9th, US commercial crude oil inventories last week were 440.
8 million barrels, an increase of 3.
9 million barrels
from the previous month.
Over the same period, gasoline and distillate inventories fell by 900,000 barrels and 500,000 barrels, respectively, while propane and propylene inventories fell by 300,000 barrels
month-on-month.
U.
S.
commercial oil inventories, which include commercial crude, refined products, propane and propylene, fell by 800,000 barrels
last week from the previous month.

The data also showed that the average crude oil processing volume of US refineries last week was 16.
1 million barrels per day, an increase of 247,000 barrels from the previous week; the average operating rate of US refineries last week was 92.
1%, up from 90.
6% the previous week; U.
S.
net crude imports averaged 2.
933 million barrels per day last week, up 653,000 barrels
month-on-month.

It is worth noting that commercial crude oil inventories in the Cushing region of the United States last week were 27.
2 million barrels, down 900,000 barrels month-on-month; U.
S.
strategic crude reserves were 396 million barrels last week, down 3.
6 million barrels month-on-month, and U.
S.
crude oil production averaged 12.
1 million barrels per day last week, up 200,000 barrels
month-on-month.

Data released by the American Petroleum Institute later on the 8th showed that U.
S.
commercial crude oil inventories last week increased significantly by 5.
618 million barrels month-on-month, higher than previous market expectations
.
The report also expects U.
S.
gasoline inventories to increase by 2.
553 million barrels month-on-month last week, while distillate inventories fell by 1.
773 million barrels
month-on-month.

Troy Vincent, a market analyst at DTN, a U.
S.
market service, said that with U.
S.
crude oil exports falling last week, imports rising and domestic production increasing, U.
S.
commercial crude inventories rose more than the size of
the strategic crude reserve release last week.

Despite distillate exports rising to 525,000 b/d, weakening domestic demand and higher refinery runs saw distillate inventories fall by just 500,000 b
/d last week, Vincent said.

Stephen Innes, head of trading and market strategy at SPI Asset Management, said that China's epidemic trend and the significant rise in U.
S.
commercial crude oil inventories last week hinted that the outlook for U.
S.
oil demand was gloomy, and bears were in a strong position during the 9th Asian session
.