Report from the US Department of Energy on oil inventories was released today at 2:30 pm GMT. The report more or less confirmed inventory changes signaled yesterday by API report. A big build was reported in crude inventories while gasoline inventories plunged.
-
Oil inventories: +4.34 mb vs -0.9 mb expected (API: +3.75 mb)
-
Gasoline inventories: -3.62 mb vs -1.4 mb expected (API: -3.8 mb)
-
Distillate inventories: +0.33 mb vs -1.7 mb expected (API: +0.9 mb)
Oil prices moved lower following the release. However, the move lower was not triggered by the report as it was continuation of a pullback triggered by the Financial Times report saying that Ukraine and Russia are drawing up a peace plan. WTI is trading below $93.50 per barrel while Brent dropped below $98 per barrel. In both cases those are levels not seen since the beginning of the Russian invasion of Ukraine.
Brent (OIL) dropped below $98 per barrel this afternoon with the move lower being driven by the Financial Times report. OIL is trading near levels from the beginning of a Russian invasion. Note that price have realized the range of a downside breakout from a descending triangle pattern. Source: xStation5
Oil down nearly 5% following the announcement that European diesel reserves will be released💡
🟡Gold takes a breath, because of oil, not NFP
Daily Summary: Wall Street Recovers as Micron Shines and Oil Prices Rise Again
The US has a Diesel problem. Now Europe is being asked to open its reserves
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.