EIA reports came in today, but OIL.WTI didn't react on it as much as NATGAS, where we can see 4% rally fueled by lower than expected US inventories. Oil prices are lower today due to further weak macro data from Chinese economy. In August import in China dropped 7,3% y/y vs 9% exp. from Reuteres analyst but in the 8 months of 2023 but commodity import was 14,7% higher y/y vs 12,5% y/y in July. China economy is the biggest oil importer in the world so macro data and seniments about future macro conditions there are crucial for oil demand, as well as OPEC+ policy.
- Natural gas: 33 bcf vs 42 bcf exp. and 32 bcf previously
- Oil inventories: -6,3 mln vs -2 mln exp. i -10,58 mln poprzednio
- Gasoline inventories: -2,1666 mln vs -1 mln exp. i - 214 tys. previously
- Distillate inventories: 679 tys. vs 1 mln exp. i 1,23 mln previously
- Oil inventories in Cushing (Oklahoma): 1,75 mln vs 1,5 mln previously
Source: xStation5
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