US energy market data released today pointed to a solid build in crude oil inventories and a larger-than-expected draw in natural gas stocks. As a result, oil prices slipped slightly toward the $64 per barrel area. Meanwhile, the “supportive” natural gas report triggered some profit-taking, although the base case remains a continuation of the strong uptrend.
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Crude Oil Inventories (EIA): +3.602M bbl (forecast: -0.108M, previous: +3.391M)
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Gasoline Inventories (EIA): +5.977M bbl (forecast: +1.466M, previous: +8.977M)
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Distillate Inventories (EIA): +3.348M bbl (forecast: 0M, previous: -0.029M)
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Cushing Crude Inventories (EIA): +1.478M bbl (previous: +0.745M)
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Natural Gas Storage (EIA): -120 bcf (forecast: -98 bcf, previous: -71 bcf)
Source: xStation5
Source: xStation5
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