The US Department of Energy released an official weekly report on US oil and oil derivative inventories at 4:00 pm BST today. Report came a day later than usual this week due to the US holiday on Monday. Private API report released yesterday in the evening pointed to a deeper drop in crude inventories, an unexpected build in gasoline inventories and an unexpected drop in distillate inventories.
Official report showed a big drop in headline crude inventories as well as small build in gasoline and distillate inventories. Oil traded mixed following the releases and struggled to make a bigger move in either direction.
Official report on US oil inventories
- Oil inventories: -3.83 mb vs -0.4 mb expected (API: -1.25 mb)
- Gasoline inventories: +0.48 mb vs -0.2 mb expected (API: +2.94 mb)
- Distillate inventories: +0.43 mb vs +0.8 mb expected (API: -0.30 mb)
US report on oil inventories failed to trigger moves on the OIL.WTI market. Taking a look at the chart at H4 interval, we can see that price continues to hover around 50-period moving average (green line). Source: xStation5
Cocoa with limited reaction to weaker grinding data from Europe
UK GDP picks up in August as budget tax hike speculation goes into overdrive
Daily Summary – Wall Street Rally Driven by Powell’s Promises
Cocoa Prices Stabilize Ahead of Processing Data: Has the Negative News Been Priced In?
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.
