BREAKING: EIA inventories show huge drop; Oil remains firmly higher

The weekly crude oil inventories from the US have shown a bumper drawdown, with the EIA release keeping the markets well supported, not far from 4-month highs and still sitting on gains in excess of 3.5% on the day. The data was as follows:

Crude oil inventories: -11.5M vs -3.3M exp. -5.5M prior
Cushing: -1.4M vs -2.4M prior
Gasoline: +3.2M vs +1.7M exp. +2.0M prior
Distillates: +8.8M vs +0.6M exp. -0.2M prior

The headlines has shown a huge drawdown but the other components are not quite so positive with the large build in Distillates and Gasoline balancing out the report somewhat. This data takes on a secondary importance at present given the latest developments in the Middle East.

Oil has edged higher since the inventory release, but the reaction is fairly muted with the market far more interested in what happens next in the Middle East. Price is still higher by almost 4% on the day at the time of writing. Source: xStation

16 April 2026, 6:32 PM

BREAKING: Oil rebounds to $100 as Gulf & European officials see US requiring 6 months for Iran deal

16 April 2026, 7:38 AM

Morning Wrap: Records on Wall Street in anticipation of the opening of the Strait of Hormuz (16.04.2026)

15 April 2026, 6:44 PM

Daily summary: The market pauses at the top

15 April 2026, 4:25 PM

BREAKING: First U.S. inventory decline in two months, mainly due to record exports

Commodities

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