The latest reading published by EIA (The Energy Information Administration’s) indicates a sharp increase in oil inventories held by U.S. firms. Inventories jumped by 7.7 million barrels last week (est. 2.105 million). Gasoline inventories declined by 5,049 million barrels (est. -2.691) while distillate inventory shrank 6.404 million barrels (est. -2.203). Worth mentioning, U.S. refinery utilization dropped only 0.50% (prior: -1.00%). Oil prices do not seem to respond to these figures. The overall negative pessimism results from coronavirus fears and latest oil market turmoil.
Oil pries do not seem to react to the latest EIA's news. Source: xStation5
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