16:30 - DOE U.S Crude Oil Inventories: -607k (Expected 802k, Previous -9285k)
- Commercial crude inventories fell by 607k barrels to 414.8 million, showing tighter balances than forecast. The Gulf Coast saw the largest draw, while builds occurred on the West Coast and East Coast. Imports rose sharply, especially into the West Coast, while exports fell, suggesting that domestic demand stayed strong.
- Gasoline stocks declined by 1.1m barrels to 216.6 million, with notable draws on the Gulf Coast offset by builds in the Midwest. Production rose, while imports fell.
- Distillate inventories dropped 1.7m barrels to 123 million, led by draws on the East Coast and Gulf Coast. Production was steady, but exports surged by 83% w/w, pulling barrels away from domestic markets.
Market is showing strong demand for Oil, West Texas Oil futures gain over 1% after the report.
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