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BREAKING: Oil price soars after weekly US inventory data

15:34 25 January 2023

Publication of report from the US Department of Energy caused some moves on the oil market. Crude inventories rose less than expected while gasoline stockpiles increased in line with expectations. There was a surprise in distillate inventories data as it showed a smaller than expected drop.

• Oil inventories: +0.53 mb vs +0.971 mb expected (API: +3.38 mb)

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• Gasoline inventories: +1.763 mb vs +1.767 mb (API: +0.62 mb)

• Distillate inventories: -0.507 mb vs -1.121 mb (API: -1.93 mb)

• Oil inventories at Cushing, Oklahoma: +4.267 million barrels vs +3.646 million barrels previously

WTI Crude Oil (OIL.WTI) price bounced off the upward trendline after the release of today's EIA report and is testing 200 SMA (red line). Source:xStation5   

 

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