As oil markets hold their breath for OPEC+’s announcement of the final production cuts to take place starting next year, the Energy Information Administration served a nice surprise to oil bulls by reporting an inventory draw in crude oil of 7.3 million barrels for the week to November 30. The report came two days after the American Petroleum Institute disappointed bulls with an estimated inventory build of 5.36 million barrels for the same week, pushing WTI prices down closer to US$50 a barrel. The EIA said refineries processed 17.5 million barrels of crude daily last week, producing 9.7 million bpd of gasoline and 5.6 million bpd of distillate fuel. A week earlier, refineries processed 17.6 million bpd, with gasoline production at 10.2 million bpd and distillate fuel production at 5.5 million bpd. Gasoline inventories last week added 1.7 million barrels, with distillate inventories rising by 3.8 million barrels. This […]