US Department of Energy (DOE) released an official weekly report on US oil inventories today at 3:30 pm BST. Report was expected to show a build in headline crude oil inventories, as well as declines in gasoline and distillate stockpiles. However, private API report released yesterday in the evening suggested a drop in oil inventories as well as build in distillate stockpiles.
Actual data released by DOE today has confirmed direction set by API report, although magnitude of builds and draws differed. Headline oil inventories slumped over 6 million barrels, while build in distillate stockpiles exceeded 1.6 million barrels. Gasoline inventories declined more or less in-line with API suggestions.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appDOE report on US oil inventories:
- Oil inventories: -6.37 mb vs +1.7 mb expected (API: -3.23 mb)
- Gasoline inventories: -0.63 mb vs -1.4 mb expected (API: -0.60 mb)
- Distillate inventories: +1.61 mb vs -0.9 mb expected (API: +0.72 mb)
Oil prices jumped in a knee-jerk move, reacting to a massive draw in headline crude oil inventories. Overall, scale of market reaction to the data was rather small.
Source: xStation5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.