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BREAKING: Oil gains after DOE inventories data

5:05 PM 19 January 2023

Publication of report from the US Department of Energy caused some moves on the oil market. Crude inventories rose unexpectedly, while gasoline stockpiles increased more than expected. There was a surprise in distillate inventories data as it showed a big decline, contrary to market expectations.

• Oil inventories: +8.41mb vs -0.593 mb expected (API: +7.6 mb)

• Gasoline inventories: +3.483 mb vs +2.529 mb (API: +2.8 mb)

• Distillate inventories: -1.939 mb vs +0.122 mb (API: -1.8 mb)

• Oil inventories at Cushing, Oklahoma: +3.646 million barrels vs +2.511 million barrels previously

WTI Crude Oil (OIL.WTI) price rose after the release of today's EIA report and is heading towards local resistance level at $81.00. Source:xStation5   

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