BREAKING: OIL gains after EIA data

4:01 PM 6 July 2023

The US Energy Information Administration (EIA) released a weekly report on US oil inventories at 4:00 pm BST today. API report released yesterday suggested a bigger-than-expected drop in crude oil inventories, an unexpected build in gasoline inventories and a more-or-less in-line build in distillate inventories.

Actual data from EIA showed much smaller draw in headline crude inventories than suggested by API yesterday. Also, EIA report showed a deeper than expected draw in gasoline inventories as well as an unexpected drop in distillate inventories.

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Weekly EIA report on US oil inventories

Oil inventories: -1.508 mb vs -1.7 mb expected (API: -4.38 mb)
Gasoline inventories: -2.550 mb vs -1.0 mb expected (API: +1.62 mb)
Distillate inventories: -1.045 mb vs +0.5 mb expected (API: +0.60 mb)

Brent (OIL) jumped following EIA report on US oil inventories. OIL extends recovery launched after a failed attempt at breaking below the $75.40 support zone. Source: xStation5

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