BREAKING: Oil inventories fell lower than expected

Key Data:

Oil inventories: -2.4 mb (forecast: - 2mb; prior: -6.0mb)
Gasoline: -1.2 mb (forecast: -1.6 mb; prior: -2.7mb)
Distillates: -1.786mb (forecast: 0.5mb; prior: 2.3mb)

Refinery utilization rates have dropped by 2 percentage points compared to last week, yet we observe a significant decline in inventories. Crude oil stocks fell by 2.4 million barrels, with gasoline and distillate inventories also showing notable decreases. Strong fuel demand persists, supporting the ongoing rebound in oil prices, which are approaching the $64 per barrel level.

Source: xStation5

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