BREAKING: OIL gains after EIA report shows large inventory draw

US Energy Information Administration (EIA) released an official weekly report on US oil inventories today at 3:30 pm BST. Private API report released yesterday pointed to a slightly smaller than expected draw in headline crude inventories as well as an unexpected build in gasoline stockpiles.

Actual data from EIA showed a much deeper draw in headline crude inventories than expected - a 6.13 million barrel drop. Gasoline inventories were 1.49 mb higher than a week ago while distillate inventories increased 0.95 mb. Oil prices moved higher following the release but scale of the move was not major.

EIA report on US oil inventories

Oil inventories: -6.13 mb vs -2.9 mb expected (API: -2.42 mb)
Gasoline inventories: +1.49 mb vs -1.0 mb expected (API: +1.90 mb)
Distillate inventories: +0.95 mb vs +0.3 mb expected (API: -0.15 mb)

Brent (OIL) trades around 0.4% higher compared to levels from before the release of the EIA report. OIL is trying to rebound from the $82.25 area. Source: xStation5

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