US Crude Stocks Rise

Data from the Energy Information Administration showed that domestic crude inventories increased by 1.90 million barrels during the week ended November 10^th. The figure ran contrary to an estimate for a drop of -1.00 million barrels from a survey of analysts conducted by S&P Global Platts while coming in below the 6.50 million barrel climb announced by the American Petroleum Institute on Tuesday.

The EIA report also disclosed a decline in distillate stocks in the US Gulf to a one-year low, while overall refining rates gained during the latest week, driven by a surge in East Coast refining, which is operating at a record 99.80% capacity utilization. Higher refining rates could eventually deplete crude supplies, helping prices remain elevated. Brent crude futures were last seen around $62.05 a barrel, with any rise above $62.20 a barrel possibly unlocking further upside after support was established around the $61-mark.

Even though the economy added fewer than expected jobs last month, Australia’s unemployment rate fell to its lowest level in more than four-and-half years during October. On a seasonally adjusted basis, the jobless rate dropped to 5.40% from the 5.50% recorded in September, beating the consensus forecast anticipating the rate holding steady at 5.50%.

The country added a total of 3,700 jobs in October, shy of a Reuters median forecast of 17,500 new positions. Of the net October figure, 24,300 full-time jobs were created, while 20,700 part-time jobs were eliminated, adding to confidence in the outlook. According to the Australian Bureau of Statistics the seasonally adjusted workforce participation rate declined to 65.10% in October from 65.20% in the prior month. The Australian dollar dipped to as low as 0.7570 against the US dollar in the aftermath of the data release.