BREAKING: OIL at daily lows after EIA report

US Energy Information Administration (EIA) released an official, weekly report on change in US energy inventories today at 3:30 pm BST. Market expectations pointed to a small increase in oil inventories as well as declines in gasoline and distillate inventories. However, API report released yesterday pointed to big declines in all three categories.

Actual EIA report released today showed a bigger-than-expected build in crude inventories as well as an unexpected increase in gasoline inventories. Distillate inventories dropped more than expected but less than suggested by API report yesterday.

EIA report on US oil inventories

Oil inventories: +1.37 mb vs +0.2 mb expected (API: -2.67 mb)
Gasoline inventories: +0.16 mb vs -0.9 mb expected (API: -4.17 mb)
Distillate inventories: -1.69 mb vs -1.2 mb expected (API: -2.31 mb)

Brent (OIL) dropped to fresh daily lows following the release and attempts to break below the lower limit of a recent short-term trading range ($87.50-88.40).

Source: xStation5

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