EIA reports unexpected changes in oil inventories

  • U.S. crude supplies dropped by 4.6 million barrels
  • Gasoline inventories increased by 5.4 million barrels
  • Distillates saw a rise of 1.3 million barrels
  • Crude stocks at Cushing, Okla. rose by 1.9 million barrels
  • Oil futures traded lower at $70.62 a barrel

The Energy Information Administration (EIA) reported a significant drop in U.S. commercial crude inventories, with a decline of 4.6 million barrels for the week ended Dec. 1. This was higher than the expected decline of 4.1 million barrels. However, there were unexpected increases in gasoline and distillate supplies, with gains of 5.4 million barrels and 1.3 million barrels respectively. Crude stocks at the Cushing, Okla. Nymex delivery hub also rose by 1.9 million barrels. As a result, oil futures traded lower at $70.62 a barrel on the New York Mercantile Exchange.

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Factuality Level: 8
Justification: The article provides factual information about the Energy Information Administration’s report on U.S. crude inventories, including the expected decline and the actual decline. It also mentions the supply increases for gasoline and distillates, as well as the rise in crude stocks at the Cushing delivery hub. The article includes specific numbers and quotes from the EIA. However, it does not provide any analysis or context for the data, and it does not mention any potential reasons for the changes in inventories or prices.

Noise Level: 3
Justification: The article provides factual information about the Energy Information Administration’s report on U.S. crude inventories. It includes data on the decline in crude inventories, supply increases for gasoline and distillates, and the rise in crude stocks at the Cushing delivery hub. The article also mentions the decrease in oil futures prices. However, it lacks analysis, context, and actionable insights. It mainly focuses on reporting the numbers without providing any deeper analysis or implications of the data.

Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to the energy market and specifically the oil industry. It provides information on the change in U.S. commercial crude inventories, supply increases for gasoline and distillates, and the impact on oil futures trading on the New York Mercantile Exchange.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: There is no mention of an extreme event in the news article.

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