US crude oil inventories moved higher in the week ended Nov. 6 amid an unseasonable pullback in refinery demand, US Energy Information Administration data showed Nov. 12. Commercial crude stocks climbed 4.28 million barrels to 488.71 million barrels last week, EIA said. The build put inventories 6.7% above the five-year average, leaving the nationwide supply overhang roughly on par with week-ago levels and near seven-month lows. The build was realized mainly on the US Gulf Coast, where stocks surged 5.1 million barrels to 258.5 million barrels, and in the Rockies, which saw stocks increase 1.69 million to 24.62 million barrels, marking a more-than-7% jump on the week. Front-month NYMEX WTI settled down 33 cents at $41.12/b on Nov. 12, and ICE January Brent was 27 cents lower at $43.53/b.
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