BREAKING: DoE oil inventories with hard drop!

3:39 PM 5 April 2023

US oil inventories according to DoE fall by 3,739 mln barrels with expected decline of 2,392 mln barrels and 7,489 mln previosly drop
Gasoline inventories according to the DOE fall by 4.119 mln barrels. A drop of 1.1 mln barrels was expected, with previosly drop of 2.9 mln barrels
Distillate inventories are also down 3.6 mln, with a drop of just 0.4 mln barrels expected, and a previous increase of 0.281 mln barrels.

Quite a positive report for OIL prices, but these nevertheless came under pressure today, although still close to opening levels after OPEC's surprising decision. It can be seen that demand is struggling to try to push prices to higher levels. Today, oil may have problems through the increasingly visible US economic problems.

Source: xStation5

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We are potentially seeing a peak in comparative inventories (inverted axis). This could be a pro-growth signal on oil, but on the other hand, economically, oil could be in trouble due to recession concerns. Nevertheless, OPEC+ is cutting production, there will be less oil on the market, which could prompt the inventories to fall further in the US. Source: Bloomberg, XTB

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