US Department of Energy (DOE) issued an official weekly report on US oil inventories today at 3:30 pm BST. Report was expected to show a decline in headline crude oil inventories as well as a drop in gasoline and distillate inventories. However, API report yesterday suggested a deeper-than-expected decline in oil stockpiles, an unexpected drop in gasoline inventories and a smaller-than-expected build in distillate stockpiles.
Actual DOE report showed a bigger-than-expected drop in headline crude oil inventories, but smaller than suggested by API data yesterday. Gasoline and distillate stockpiles declined slightly. Overall, the report was bullish for price and such a reaction can be spotted on the markets, with oil bouncing off the daily lows.
DOE report on US oil inventories
- Oil inventories: -2.51 mb vs -1.2 mb expected (API: -3.10 mb)
- Gasoline inventories: -0.24 mb vs +0.3 mb expected (API: -1.27 mb)
- Distillate inventories: -0.05 mb vs +0.8 mb expected (API: +0.35 mb)
Brent (OIL) bounced off the 2-month lows following release of slightly bullish DOE report on US oil inventories. Source: xStation5
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