BREAKING: Oil drops after weekly US inventory data

3:35 PM 14 September 2022

Publication of both reports from the US Department of Energy caused some minor moves on the oil market. Crude inventories jumped more than expected while gasoline stockpiles dropped more than analysts' estimated. There was a surprise in distillate inventories data as it showed bigger build, compared to market expectations and yesterday's API release

• Oil inventories: +2.442 mb vs +0.833 mb expected (API: +6.04 mb)

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• Gasoline inventories: -1.767 mb vs -0.858 mb (API: -3.23 mb)

• Distillate inventories: +4.219 mb vs +0.6 mb (API: +1.75 mb)

• Oil inventories at Cushing, Oklahoma: -0.135 million barrels vs -0.501 million barrels previously

WTI Crude Oil (OIL.WTI) bounced off $89.30 resistance level after the release of today's EIA report and is testing local support level at $87.60. Source:xStation5

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