Boom! Weekly US crude oil production hits an all-time high

Oil workers make a pipe connection on a drilling rig near Encinal Texas

US Crude Production Hits Record High, Stockpiles Unexpectedly Rise

Data from the Energy Information Administration (EIA), published at 15:30 London time, showed that United States crude stocks had increased by 2.24m barrels in the week to 3 November.

Analysts surveyed by The Wall Street Journal had predicted crude supplies would fall by 2.1 million barrels on the week.

China's General Administration of Customs said crude imports fell to 7.3 million barrels per day in October down from a high of 9 million bpd in September. Unprecedented flooding from the Category 4 storm that slammed into the state's coast last week, sending gasoline prices surging as oil refineries shut, may also set a record for rainfall in the contiguous US, the weather service said Tuesday.

According to the source, the price for December Futures WTI oil reduced by 0,37%, totalling to $56,99 per barrel on the New York Mercantile Exchange (NYMEX). Analysts forecast that stockpiles of gasoline likely fell 1.9 million barrels last week.

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Refineries operated at 89.6% of their capacity.

Gasoline inventories fell by 3.3 MMBBL this week, falling to 209.5 MMBBL. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls, especially with the surprise build in crude oil inventories.

Traders said they were also watching escalating tensions in the Middle East, especially between regional rivals Saudi Arabia and Iran.

USA distillate inventories fell to 125.6 million barrels, the lowest weekly figure since February 2015, EIA data showed. Stocks in the Midwest dropped to the lowest since November, 2014.

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