US Department of Energy released its weekly oil report, including data on weekly change in US energy inventories. API data released yesterday hinted at an unexpected build in headline crude inventories, a bigger-than-expected build in gasoline inventories, as well as a slightly smaller-than-expected build in distillate inventories.
Offical US government report released today showed a bigger than expected drop in headline crude inventories, a much bigger than expected build in gasoline inventories as well as a slightly bigger-than-expected build in distillate inventories. Nevertheless, oil prices are still trading over 2% lower on the day.
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DOE report on US oil inventories
- Oil inventories: -4.63 mb vs -2.3 mb expected (API: +0.59 mb)
- Gasoline inventories: +5.42 mb vs +1.2 mb expected (API: +2.83 mb)
- Distillates inventories: +1.27 mb vs +1.1 mb expected (API: +0.89 mb)
Oil prices moved lower in a knee-jerk move as builds in gasoline and distillate inventories seemed to outshine a drop in headline crude inventories. Brent (OIL) dropped to a fresh daily low near $75.30 per barrel. However, part of this drop has been erased already.Source: xStation5
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