Breaking: Oil drops sharply after inventory build

Summary:

EIA crude oil inventories: +0.8M vs -2.9M exp. -4.9M prior
Large builds in Gasoline and Distillates
Oil drops to daily lows beneath $64

The weekly crude oil inventory release from the EIA has caused some selling in the energy complex with both Oil and Oil.WTI tumbling lower since the data. The report came in as follows:

EIA inventories: +0.8M vs -2.9M exp. -4.9M prior. API: +1.4M
Gasoline: +5.4M vs +2.6M exp
Distillates: +4.1M vs +2.0M exp
Production: 12.8Mbpd vs 12.9Mbpd prior

While the headline figure shows an unexpected rise compared to the consensus forecast, it was in fact lower than last night’s API equivalent and in itself therefore isn’t too bearish for Oil. The main negative aspect of this report comes from the large builds in both the Gasoline and Distillates components, but you could say some of the edge is taken off this by a drop of 100k in US production.

Oil has dropped sharply by over 80 ticks since the data was released, breaking out of a narrow trading range for the day to the downside. Prior lows around 62.75 could be worth keeping an eye on for potential support. Source: xStation

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