The weekly crude oil inventories from the US have shown a bumper drawdown, with the EIA release keeping the markets well supported, not far from 4-month highs and still sitting on gains in excess of 3.5% on the day. The data was as follows:
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Crude oil inventories: -11.5M vs -3.3M exp. -5.5M prior
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Cushing: -1.4M vs -2.4M prior
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Gasoline: +3.2M vs +1.7M exp. +2.0M prior
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Distillates: +8.8M vs +0.6M exp. -0.2M prior
The headlines has shown a huge drawdown but the other components are not quite so positive with the large build in Distillates and Gasoline balancing out the report somewhat. This data takes on a secondary importance at present given the latest developments in the Middle East.
Oil has edged higher since the inventory release, but the reaction is fairly muted with the market far more interested in what happens next in the Middle East. Price is still higher by almost 4% on the day at the time of writing. Source: xStation
BREAKING: Oil rebounds to $100 as Gulf & European officials see US requiring 6 months for Iran deal
Morning Wrap: Records on Wall Street in anticipation of the opening of the Strait of Hormuz (16.04.2026)
Daily summary: The market pauses at the top
BREAKING: First U.S. inventory decline in two months, mainly due to record exports
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