Breaking: Oil dips after inventory build

There’s been a bit of a pullback in the Oil markets following the release of the latest US inventory data with both Oil and Oil.WTI paring their earlier gains. The latest EIA report gave the following figures:

Oil inventories: +2.9M vs +1.9M exp. API: +4.1M
Gasoline: -1.2M vs -0.9M exp. API: -5.9M
Distillates: -3.9M vs -2.0M exp. API; -4.0M
Refinery utilistation: -0.7% vs -0.35%

On the whole this is a fairly mixed release with the headline rising more than expected (but less than the API) but both gasoline and distillates showing drawdowns.

Oil pulled back from near its highest level in a week after the inventory data was released but the figures themselves should not be seen as too negative. The market is searching for direction in the near term and trading around the H1 cloud. Source: xStation

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