Energy Information Administration (EIA) issued an official weekly report on US oil inventories today at 3:30 pm GMT. Report was expected to show a small build in oil inventories, downtick in gasoline inventories and drop in distillates. However, API report released yesterday in the evening hinted at a significant increase in headline crude inventories as well as deep declines in gasoline and distillate stockpiles.
Actual report showed a larger than expected oil inventory build but slightly smaller than hinted yesterday by API report. Gasoline inventories unexpectedly rose while distillate inventories dropped less than expected.
EIA report on US oil inventory change
- Oil inventories: +8.7 mb vs +0.9mb expected (API: +9.05 mb)
- Gasoline inventories: +0.75 mb vs -0.1 mb expected (API: -1.79 mb)
- Distillate inventories: -1.02 mb vs -1.29 mb expected (API: -3.51 mb)
Overall, the report was slightly bearish and has largely confirmed yesterday's bearish API oil invenotory reading. Oil prices moved lower in a knee-jerk move but have since erased those declines and are now trading near pre-announcement levels. Still, oil is over 4% down on the day, following reports of OPEC+ delaying meeting amid output disagreements.
Source: xStation5
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