BREAKING: OIL dips after EIA report shows big inventory build

US Energy Information Administration (EIA) released a weekly report on change in US oil and oil-derivative inventories at 3:30 pm BST today. API data released yesterday in the evening suggested a quite significant build of 3.69 million barrels during the previous week as well as a drop in gasoline and distillate inventories.

Official data released by EIA today showed an even bigger build in US crude oil inventories and a deeper draw in gasoline inventories. Distillate inventories were barely changed compared to a week ago.

Oil inventories: +5.04 mb vs -1.3 mb expected (API: +3.69 mb)
Gasoline inventories: -1.38 mb vs -1.0 mb expected (API: -2.46 mb)
Distillate inventories: +0.08 mb vs +0.3 mb expected (API: -0.89 mb)

Report can be seen as bearish for prices and the market saw it exactly as that. Oil moved lower following the release of EIA report and is now attempting to break below 50% retracement of the downward move launched on May 10, 2023.
OIL at 30-minute interval. Source: xStation5

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