The EIA has just released its weekly report on crude inventories. Following a sharp drop showed by the last report (-7.99 mb), US crude inventories fell once again. However, this time the decline was much smaller as crude inventories declined by merely 0.43 million barrels. Meanwhile, the consensus estimate anticipated that the drop would amount to 2.8 million barrels.
-
Oil inventories: -0.43 mb (expected: -2.8 mb)
-
Gasoline inventories: +0.38 mb (expected +0.6 mb)
-
Distillate inventories: -1.73 mb (expected: -1.1 mb)
OIL.WTI did accelerate today, climbing above $66.30 a barrel. However, the market changed the direction following the EIA’s data with oil prices tumbling almost half a percent. This does not change the fact that buyers are currently trying to regain control thus climbing back above $66.30. Should the upward momentum continue, the critical resistance may be found just slightly below the $68 mark (early-March highs). Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis 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.