BREAKING: OIL drops after huge inventory build

4:34 PM 14 February 2024

The US Department of Energy (DOE) issued an official weekly report on US oil inventories today at 3:30 pm GMT. Market expected an increase in crude oil inventories as well as declines in gasoline and distillate stockpiles. Private API report released yesterday in the evening confirmed the direction of changes, but the scale was much bigger than expected.

Actual report from DOE also matched the expectations when it comes to the direction of changes. However, build in headline oil inventories was much bigger than expected and hinted by API. On the other hand, drops in gasoline and distillate inventories were small than suggested by API

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DOE report on US oil inventories

Oil inventories: +12.02 mb vs +2.5 mb expected (API: +8.52 mb)
Gasoline inventories: -3.66 mb vs -1.1 mb expected (API: -7.23 mb)
Distillate inventories: -1.92 mb vs -1.5 mb expected (API: -4.02 mb)

Brent (OIL) deepened pullback from the $83.50 resistance after massive inventory build suggested by weekly DOE report. Source: xStation5

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