Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
https://www.facebook.com/InTheOilPatch/videos/2109812069271271/
The EIA reported yesterday that U.S. crude oil inventories grew by six million barrels last week, validating a similar report frin the API the day before.
While stockpile growth is normal for the fall as consumers drive less and refineries close for maintenance, gasoline inventories also grew last week causing concern over U.S. demand.
In other news, OPEC released its monthly report yesterday showing that its members and Russia combined to increase production by over 280,000 barrels per day in September. Combined with economic concerns early in the week, oil has experienced its biggest two-day drop in months. WTI ended the day down $1.64 to close at $70.99 per barrel.
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