The US Department of Energy released the latest oil inventories data. Key takeaways from the report:
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Oil inventories: -1.5 mn (vs expected: -3.5 mn)
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Gasoline inventories: -7.2 mn (vs expected: -4.9 mn)
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Distillate inventories: -3.1 mn (vs expected: -2.7 mn)
Today’s drop in oil inventories is weaker than last week (-7.17 mn). Also, the figue fell short of expectations. Shortly after the release there was a slight downward pressure for WTI prices. However, the price seems to be relatively stable several minutes after the report was announced.
OIL.WTI rebounded after a rapid drop that happened today (Suez Canal issues and China releasing its strategic reserves). The $70 per barrel mark may be the next obstacle for buyers should the upward move continue. Source: xStation5
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