Weekly Crude Oil Review: WTI Futures See Choppy Activity

22 Oct 2022 , 02:25 PM

WTI Crude oil futures saw an overall choppy trading activity. The market eyed a drop in the US crude oil inventories and pushed up the WTI Crude impressively after its recent tumble near $81 per barrel mark. The U.S. Energy Information Administration reported crude oil inventories had shed 1.7 million barrels in the week to October 14. This compared with an inventory build of 9.9 million barrels for the previous week and an API estimate of declines in both crude and fuels for the week to October 14. In gasoline stocks, the EIA reported a draw of 100,000 barrels, which compared with a build of 2 million barrels for the previous week. The U.S. oil and gas production is forecast by the Energy Information Administration (EIA) to rise thanks primarily to higher volumes from the Permian and Haynesville basins. Combined oil and gas production from seven key U.S. basins?Anadarko, Appalachia, Bakken, Eagle Ford, Haynesville, Niobrara and Permian?will rise slightly in November compared to October. Oil production in the U.S. is expected to average 9.1 million bbl/d in November while gas production is expected to average 95.1 Bcf/d, the EIA revealed in its latest its monthly drilling productivity report.Powered by Commodity Insights