BREAKING: WTI tests $80 after DOE data

US Department of Energy issued an official, weekly report on US oil inventories today at 3:30 pm GMT. Report was expected to show a build in headline crude inventories as well as declines in gasoline and distillate stockpiles. API report released yesterday in the evening suggested a small build in oil inventories, as well as bigger-than-expected drop in gasoline and distillate stockpiles.

Actual report showed a smaller-than-expected build in headline crude inventories, but bigger than suggested by API. Meanwhile, gasoline and distillate inventories slumped much more than expected and then hinted by API yesterday. A big drops in gasoline and distillate stockpiles seem to outweight build in crude inventories, with oil moving higher following release of the report. WTI (OIL.WTI) is testing $80 per barrel area at press time.

DOE report on US oil inventories

• Oil inventories: +1.37 mb vs +2.1 mb expected (API: +0.42 mb)
• Gasoline inventories: -4.46 mb vs -1.6 mb expected (API: -2.8 mb)
• Distillate inventories: -4.13 mb vs -0.7 mb expected (API: -1.8 mb)

Source: xStation5