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

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