17:08 · 14 November 2019

Breaking: Oil pulls back as inventories and production rise

The weekly crude oil inventory data has caused some selling in the oil markets with the headline rising more than expected and production in the US hitting a new record high. 

 

The breakdown of the report was as follows:

 
  • Crude oil inventories: +2.2M vs +1.5M exp. API: -0.5M

  • Gasoline: +1.9M vs -1.3M exp

  • Distillates: -2.5M vs -1.0M exp

  • US production: 12.8M bpd - new record high 

The initial reaction has been negative in Oil, with the market respecting resistance around the 63.30 level once more. Last week’s inventories showed a large build  (+7.9M) and caused a sustained sell-off in the market. Source: xStation

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