BREAKING: massive drop in U.S. crude oil inventories 📌

03:30 PM BST, United States - EIA Data:

EIA Weekly Distillates Stocks: actual 4.046M; forecast 1.100M; previous 4.715M;
Gasoline Inventories: actual -2.347M; forecast -0.700M; previous 1.458M;
Crude Oil Inventories: actual -9.285M; forecast 1.400M; previous 3.939M;

WTI crude continues to rise, rebounding from the daily low in the early afternoon. It is worth noting that crude had been losing value since the open, and additionally, there was negative rolling due to persistent backwardation in the oil futures curve. At one point, oil nearly returned to flat, but it is currently down about 0.23% on the day, excluding contract rolling.

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