CONCLUDED Stock Market News From Nov. 5, 2025: S&P 500 Rises After Supreme Court Tariff Hearing Last Updated: Topics Memberships Subscribe to Barron's 4 hours ago Oil Extends Losses After Large U.S. Stock Build By Anthony Harrup, Dow Jones Newswires Oil futures extend losses in afternoon trade following an EIA report showing a 5.2 million barrel increase in U.S. crude oil inventories. The stock build, led by a rise in imports, offset much of the previous week's draw. Gasoline stocks fell more than expected, ...

Summary of Key Points from the Oil Data Digest Industry Overview - The report focuses on the oil industry, specifically detailing oil inventory data across various regions including the US, Japan, Europe, Singapore, and Fujairah. Core Insights and Arguments - **Total Oil Inventories**: Total oil inventories decreased by 27.4 million barrels (mln bbls) last week, with crude stocks down by 6.7 mln bbls and refined product stocks down by 20.7 mln bbls, indicating a significant draw across all regions [2][3][4][6]. - **Regional Breakdown**: - **US**: Crude stocks drew by 6.3 mln bbls, with a notable drop in gasoline stocks by 5.9 mln bbls and middle distillate stocks by 3.4 mln bbls [6][75][77]. - **Japan**: Total oil stocks decreased by 2.7 mln bbls, with crude stocks contributing to this draw [32][4]. - **Europe**: Total oil stocks saw a minor draw of 0.4 mln bbls [34]. - **Singapore**: Product inventories decreased by 4.8 mln bbls [27]. - **Fujairah**: Product inventories drew by 2.3 mln bbls [25]. Additional Important Information - **Refinery Operations**: US refinery runs fell by 510 thousand barrels per day (kbpd) week-over-week, primarily due to unplanned outages in key refineries [75][83]. - **Crude Production**: US crude production increased slightly by 20 kbpd, averaging 13.6 million barrels per day (mbpd) [89]. - **Import and Export Trends**: Crude imports dropped by 0.9 mbpd while exports rose by 0.2 mbpd, contributing to the overall draw in crude inventories [90][76]. - **Historical Context**: The current inventory levels for gasoline and middle distillates are now below the levels seen in 2024 for the same period, indicating tighter supply conditions [77]. Summary Tables - **Week-Over-Week Changes**: A summary table indicates significant draws in crude and refined products across various regions, with total crude stocks down by 6.736 mln bbls and refined products down by 20.668 mln bbls [6][7][78]. This summary encapsulates the critical data and insights from the oil inventory report, highlighting trends and changes in the oil market that could impact investment decisions.

Summary of Weekly Oil Data Industry Overview - The report focuses on the oil industry, specifically crude oil and refined products in the United States. Key Points Crude Oil Inventory and Production - Crude oil inventories decreased by 1.0 million barrels (Mb), contrasting with the consensus expectation of an increase of 1.2 Mb and the 5-year average increase of 1.6 Mb [1] - API data indicated a larger draw of 3.0 Mb [1] - Crude production remained stable at 13.6 million barrels per day (Mb/d) [1] - Refinery utilization increased by 290 basis points week-over-week (w/w) to 88.6% of operable capacity, against a consensus expectation of a decrease of 40 basis points [1] Product Demand and Consumption - Implied oil products consumption rose by 0.3 Mb/d w/w to 20.0 Mb/d, primarily driven by propane, which increased by 0.4 Mb/d [2] - Total demand over a 4-week average remained flat at 20.5 Mb/d [2] Product Inventories - Total product inventories fell by 3.2 Mb to 862 Mb, led by a decrease in gasoline inventories by 2.1 Mb, which was larger than the consensus decrease of 0.8 Mb [3] - Jet fuel and distillate inventories also decreased by 1.5 Mb each, while gains were seen in "Others" (+1.3 Mb), propane (+0.8 Mb), and fuel oil (+0.5 Mb) [3] Detailed Weekly Petroleum Status Report - Crude oil production was reported at 13,629 kb/d, with a slight decrease of 7 kb/d [4] - Crude oil imports increased by 393 kb/d to 5,918 kb/d [4] - Exports of crude oil decreased by 263 kb/d to 4,203 kb/d [4] - Total crude oil stocks were reported at 422.8 Mb, down by 1.0 Mb [4] - Gasoline production increased by 134 kb/d to 9,612 kb/d, while gasoline stocks decreased by 2.1 Mb to 216.7 Mb [4] - Middle distillate production rose by 40 kb/d to 4,632 kb/d, with stocks down by 1.5 Mb to 115.6 Mb [4] Market Dynamics - The report indicates a bullish sentiment in the crude oil market due to the unexpected draw in inventories and increased refinery utilization [1][4] - The overall demand for oil products remains stable, with fluctuations in specific categories such as propane and distillates [2][3] Additional Insights - The report highlights the importance of monitoring both inventory levels and production rates to gauge market conditions and potential investment opportunities in the oil sector [1][2][3] - The data suggests that while there are fluctuations in specific product demands, the overall market remains resilient, indicating potential stability in oil prices moving forward [2][3] This summary encapsulates the critical data and insights from the weekly oil report, providing a comprehensive overview of the current state of the oil industry in the United States.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the oil industry, specifically oil inventory data in various regions including the US, Europe, Japan, Singapore, and Fujairah [1][2][3][4][5][6]. Core Insights and Arguments - Total oil inventories decreased by 7.9 million barrels (mln bbls) last week, with crude stocks drawing down by 8.0 mln bbls primarily due to significant reductions in the US [1][2][3][4]. - Refined product stocks remained flat week-over-week (WoW), as increases in the West counterbalanced declines in Asia [1][3]. - Distillate stocks increased by 5.0 mln bbls, driven by a build in the US [3][4]. - Gasoline stocks decreased by 2.2 mln bbls, influenced by draws in both the US and Fujairah [4][5]. - Fuel oil stocks saw a reduction of 3.4 mln bbls, primarily due to draws in Singapore and Fujairah [4][5]. Regional Inventory Changes - **US**: Total oil stocks decreased by 6.9 mln bbls, with crude stocks down by 9.3 mln bbls, and gasoline stocks down by 2.4 mln bbls [23][79][85]. - **Japan**: Total oil stocks increased by 1.4 mln bbls, with crude stocks up by 1.0 mln bbls [24][26]. - **Europe**: Total oil stocks increased by 1.5 mln bbls, with refined product stocks up by 1.75 mln bbls [29][33]. - **Singapore**: Product inventories decreased by 1.0 mln bbls [29][31]. - **Fujairah**: Product inventories decreased by 2.9 mln bbls [27][28]. Additional Important Insights - US crude production remained stable at 13.5 million barrels per day (mbpd) [77][89]. - Refinery runs dropped by 390 thousand barrels per day (kb/d) WoW, with overall US refinery utilization rates falling to 93.3% [78][87]. - The sharp decline in net crude imports contributed significantly to the draw on crude inventories [77]. - The report indicates that the gasoline draws were stronger than seasonal norms and market expectations, suggesting an uptick in implied demand [79][100]. Conclusion - The oil market is experiencing significant inventory draws, particularly in the US, which may indicate tightening supply conditions. The mixed inventory changes across different regions highlight the complexities of global oil supply and demand dynamics.

Core Insights - Oil prices increased by more than $1 a barrel due to stalled export negotiations from Iraq's Kurdistan, alleviating concerns about global oversupply [1][2] - Brent crude futures rose by $1.06 (1.6%) to $67.63 per barrel, while U.S. West Texas Intermediate crude increased by $1.13 (1.8%) to $63.41 per barrel [1] Oil Export Dynamics - Pipeline oil exports from Iraq's Kurdistan to Turkey remain halted, with a deal to resume exports of approximately 230,000 barrels per day still pending [2] - The deadlock has persisted since March 2023, as key producers are seeking debt repayment guarantees [2] Market Sentiment - Analysts indicate that the market reacted negatively to initial reports of a Kurdistan deal, but the absence of a finalized agreement has removed those anticipated barrels from the market [3] - The global oil market is facing challenges from elevated supply and slowing demand, influenced by the rise of electric vehicles and economic pressures from U.S. tariffs [3] Supply Outlook - The International Energy Agency forecasts a rapid increase in world oil supply this year, with a potential surplus expanding by 2026 due to increased output from OPEC+ and non-OPEC sources [4] - Traders are closely monitoring the European Union's potential stricter sanctions on Russian oil exports and geopolitical tensions in the Middle East [4] Inventory Trends - Low OECD oil inventories are seen as a supportive factor for prices, while increased crude exports from OPEC+ and the absence of new sanctions on Russian oil exports pose challenges [5] - Recent data indicates a decline in U.S. crude and gasoline stocks, with crude stocks falling by 3.82 million barrels and gasoline inventories decreasing by 1.05 million barrels [6]

Summary of Weekly Oil Data Industry Overview - The report focuses on the oil industry, specifically crude oil and refined products in the United States. Key Points Crude Oil Inventory - Crude oil inventories decreased by **9.2 million barrels (Mb)**, significantly more than the consensus estimate of a **0.9 Mb** draw and the 5-year average draw of **2.7 Mb** [1] - API data indicated a draw of **3.4 Mb** [1] - Net crude imports fell by **3.1 million barrels per day (Mb/d)** week-over-week [1] - Crude oil production slightly decreased by **13 thousand barrels per day (kb/d)** to **13.5 Mb/d** [1] Refinery Utilization - Refinery utilization decreased by **160 basis points (bps)** week-over-week to **93.3%** of operable capacity, compared to a consensus decrease of **40 bps** [1] Product Demand - Implied oil products consumption increased by **0.9 Mb/d** week-over-week to **20.6 Mb/d**, reversing the previous week's decline [2] - Gasoline consumption led the increase, rising by **0.3 Mb/d** [2] - Total demand on a 4-week average increased by **2%** week-over-week, reaching **20.7 Mb/d** [2] Product Stocks - Total product inventories rose by **10.5 Mb** week-over-week to **867 Mb** [3] - The increase was primarily driven by "Others" (+**7.5 Mb**), followed by distillate (+**4.0 Mb**) and propane (+**1.3 Mb**) [3] - Gasoline stocks fell by **2.3 Mb**, contrary to the consensus expectation of an increase of **0.1 Mb** [3] Detailed Inventory Data - Crude oil production was reported at **13,482 kb/d**, with a week-over-week change of **-13 kb/d** [4] - Crude oil imports were **5,692 kb/d**, down **579 kb/d** [4] - Exports increased significantly by **2,532 kb/d** to **5,277 kb/d** [4] - Total crude oil stocks were reported at **415.4 Mb**, down **9.3 Mb** [4] Market Implications - The significant draw in crude oil inventories and the increase in product demand suggest a tightening market, which could lead to upward pressure on oil prices [1][2][3] - The decrease in refinery utilization may indicate a cautious approach by refiners in response to fluctuating demand and inventory levels [1] Additional Insights - The report highlights the volatility in product stocks, particularly the unexpected decline in gasoline inventories, which could impact pricing and supply strategies moving forward [3] - The data reflects broader trends in the oil market, including shifts in consumer behavior and potential geopolitical influences on supply and demand dynamics [2][3] This summary encapsulates the critical data and insights from the weekly oil report, providing a comprehensive overview of the current state of the oil industry in the United States.

Summary of Weekly Oil Data Industry Overview - The report focuses on the oil industry, specifically crude oil and refined products in the United States. Key Points Crude Oil Inventory and Production - Crude oil inventories increased by **3.9 million barrels (Mb)**, contrary to the consensus expectation of a **1.0 Mb** draw and the 5-year average build of **1.5 Mb** [1] - Net crude imports rose by **0.7 Mb/d** week-over-week, while production slightly increased by **72 thousand barrels per day (kb/d)** to **13.5 Mb/d** [1] - Refinery utilization improved by **60 basis points (bps)** week-over-week to **94.9%** of operable capacity, which was below the consensus estimate of a **60 bps** decrease [1] Product Demand and Consumption - Implied oil products consumption fell by **0.9 Mb/d** week-over-week to **19.8 Mb/d**, primarily driven by a decline in gasoline consumption of **0.6 Mb/d** [2] - Despite the weekly decline, total demand on a 4-week average basis increased by **2%** week-over-week, reaching **20.9 Mb/d** [2] Product Inventory Changes - Total product inventories rose by **11.5 Mb** week-over-week to **857 Mb** [3] - The largest build in product inventories was in distillate, which increased by **4.7 Mb**, exceeding the consensus estimate of **35 kb** [3] Detailed Inventory and Demand Data - Crude oil production was reported at **13,495 kb/d**, with a week-over-week increase of **72 kb/d** [4] - Gasoline production decreased by **246 kb/d** to **9,243 kb/d**, while middle distillate production saw a minor decrease of **24 kb/d** to **5,229 kb/d** [4] - Total crude oil stocks reached **425 Mb**, with a week-over-week increase of **3.9 Mb** [4] - The 5-year average for crude oil stocks is **438.7 Mb**, indicating a slight increase of **1.5 Mb** compared to the previous week [4] Additional Insights - The report indicates a bearish sentiment in the market due to the unexpected increase in crude oil inventories, which could impact pricing and investment strategies in the oil sector [1][2] - The increase in refinery utilization suggests a potential recovery in refining activities, which may lead to improved product availability in the coming weeks [1] Conclusion - The oil industry is currently experiencing a mixed scenario with rising inventories and fluctuating demand, which could present both opportunities and risks for investors. The unexpected inventory builds may lead to bearish market conditions, while increased refinery utilization could signal a recovery in product supply.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the oil industry, specifically oil inventory data in various regions including the US, Europe, Japan, Singapore, and Fujairah, UAE [1][2][3][4]. Core Insights and Arguments - Total oil inventories decreased by 7.8 million barrels (mln bbls) last week, with crude stocks down by 6.5 mln bbls and refined product stocks down by 1.2 mln bbls [1][2][3]. - The draws in crude stocks were observed across all regions, indicating a widespread reduction in supply [3]. - Refined product stocks saw significant draws in the US and Singapore, with gasoline stocks specifically down by 2.8 mln bbls [3][4]. - Distillate stocks decreased by 0.2 mln bbls, primarily due to draws in the US and Asia [2][3]. - Fuel oil stocks increased by 2.5 mln bbls, driven by builds in all regions except Europe [3]. Regional Inventory Changes - US: Total oil stocks drew by 4.0 mln bbls, with crude stocks down by 2.4 mln bbls and gasoline stocks down by 1.2 mln bbls [22][79]. - Japan: Total oil stocks decreased by 3.3 mln bbls, with crude stocks down by 3.7 mln bbls [23]. - Europe: Total oil stocks drew by 0.6 mln bbls, with refined product stocks showing a mixed trend [33]. - Singapore: Product inventories decreased by 0.3 mln bbls [26]. - Fujairah: Product inventories increased by 0.5 mln bbls [24]. Weekly Changes Compared to Historical Averages - The week-over-week changes in crude and refined product stocks were compared to the 10-year average, showing a notable decrease in crude stocks relative to historical trends [6]. - US crude stocks drew by 1.6 mln bbls, which is less than the 10-year average draw of 4.8 mln bbls [6]. Production and Refinery Operations - US crude production rose by 60 thousand barrels per day (kb/d) to maintain levels at 13.4 million barrels per day (mbpd) [89]. - Refinery runs dropped significantly by 330 kb/d, aligning with 2024 levels for the same week, largely due to lower utilization rates and outages at specific refineries [77][87]. - Overall US refinery utilization rates fell by 2.0 percentage points week-over-week to 94.6% [87]. Demand Insights - Gasoline implied demand saw a strong week-over-week rise, attributed to increased consumption ahead of the Labour Day holiday [78]. - Diesel stocks drew by 1.8 mln bbls, driven by a significant uptick in implied diesel demand from 3.97 mbpd to 4.14 mbpd [78]. Additional Important Information - The report includes various exhibits summarizing oil inventory data from multiple sources, including EIA, PJK International, and others [1][2][3][4]. - The data reflects a comprehensive overview of oil stock changes, production levels, and demand trends, which are critical for understanding market dynamics and potential investment opportunities in the oil sector [1][2][3][4].

Summary of Key Points from the Oil Data Digest Industry Overview - The report focuses on the oil industry, specifically oil inventory data across various regions including the US, Europe, Japan, Singapore, and Fujairah. Core Insights and Arguments - **Total Oil Inventories**: Total oil inventories increased by 1.8 million barrels (mln bbls) last week, with crude stocks rising by 3.8 mln bbls primarily due to a build in the US [1][2][35]. - **Refined Product Stocks**: Refined product stocks decreased by 2.0 mln bbls, driven by draws in the US and Fujairah [3][4][35]. - **Regional Breakdown**: - **US**: Crude stocks built by 3.0 mln bbls, with a total crude build of 3.3 mln bbls when including the Strategic Petroleum Reserve (SPR) [78][90]. - **Europe**: Total oil stocks increased by 0.7 mln bbls [31][35]. - **Fujairah**: Product inventories decreased by 1.6 mln bbls week-over-week (WoW) [29][35]. - **Singapore**: Product inventories increased by 0.2 mln bbls [33][35]. - **Distillate and Gasoline Stocks**: Distillate stocks saw a marginal build, while gasoline stocks experienced a draw of 0.8 mln bbls, consistent with seasonal trends [80][81]. Additional Important Information - **Crude Production and Imports**: US crude production rose by 40 thousand barrels per day (kbpd) to approximately 13.3 million barrels per day (mbpd). Crude imports increased by 1 mbpd, contributing to the build in crude stocks [78][90]. - **Refinery Operations**: Refinery runs increased by 60 kbpd, although overall utilization rates fell by 0.5 percentage points (pp) to 96.4% [79][88]. - **Historical Context**: The current inventory levels are compared to the 10-year average, indicating significant deviations in both crude and refined product stocks [6][35]. Conclusion - The oil market is experiencing a complex interplay of inventory builds and draws across different regions, with significant implications for supply dynamics and pricing. The data suggests a robust supply response in the US, while other regions show varied trends in inventory levels.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the oil industry, focusing on oil inventory data and trends in various regions including the US, Japan, Europe, Singapore, and Fujairah [2][3][4][34]. Core Insights and Arguments - **Total Oil Inventories**: Total oil inventories decreased by 5.1 million barrels (mln bbls) last week, with crude stocks down by 7.6 mln bbls and refined product stocks increasing by 2.4 mln bbls [2][3][6]. - **Regional Inventory Changes**: - **US**: Crude stocks drew by 3.4 mln bbls, including a 3.2 mln bbls draw in commercial crude and a 0.2 mln bbls draw in the Strategic Petroleum Reserve (SPR) [75][85]. - **Japan**: Total oil stocks decreased by 2.5 mln bbls [24]. - **Europe**: Total oil stocks decreased by 2.0 mln bbls [34]. - **Fujairah**: Product inventories increased by 1.0 mln bbls [25]. - **Singapore**: Product inventories decreased by 0.1 mln bbls [27]. - **Refined Product Trends**: Gasoline stocks drew by 1.7 mln bbls, aligning with seasonal trends, while distillate stocks built by 2.9 mln bbls due to strong diesel demand [77][78]. Additional Important Information - **Crude Production**: US crude production fell by 100 thousand barrels per day (kbpd) to 13.3 mbpd, marking the lowest level since late January [89]. - **Refinery Operations**: Refinery runs increased by 90 kbpd, with overall utilization rates rising to 95.5% [83][87]. - **Import and Export Dynamics**: Crude imports decreased by 0.4 mbpd while exports rose by 0.3 mbpd [90][96]. - **Historical Context**: The current inventory changes are compared to the 10-year average, showing a total crude draw of 7.565 mln bbls against a 10-year average draw of 6.122 mln bbls [7]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state of the oil industry and inventory trends across various regions.