Oil inventories: -6.01 mb (forecast: -1.6 mb; prior: 3.04 mb)
Gasoline: -2.72 mb (forecast: -1,0 mb; prior: -0.79 mb)
Distillates: 2.24 mb (forecast: 0.4 mb; prior: 0.71 mb)
Stocks of crude oil, according to the EIA, fell much more sharply than expected. API data had suggested a stronger drop, but only by 2.4 million barrels. The private data also showed an increase in gasoline stocks by 1 million barrels, but the final EIA data showed a clear decline. Recently, we have observed a consolidation in stocks, but the current decline likely suggests increased demand in the final phase of the summer vacation period in the US. WTI crude oil broke temporarily through the resistance at today's daily highs, but it is still having trouble breaking above $62.5.
Daily summary: Nervous anticipation, SaaS sell-off and weak macro data
“SaaS-pocalypse” continued
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