Breaking news: Oil rises despite large build in inventories

The weekly crude oil inventories have shown a large build in US stockpiles with the larger than expected rise ending a run of 4 consecutive misses on the consensus forecast. However, this increase shouldn’t come as too much of a surprise given the large rise seen in last night’s API which came in at +10.5M. The breakdown of the report was as follows:

EIA crude oil inventories: +9.3M vs +3.0M exp. +2.9M prior
Gasoline: -2.6M vs -1.5M exp
Distillates: -3.8M vs -2.5M exp
Cushing +1.3M vs +1.6M in API release

After dipping lower on the release Oil is actually trading higher at the time of writing with the large build not coming as too much of a surprise given the API reading. The market has been in a fairly narrow range from 58.00 to 59.75 so far this week. Source: xStation

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