BREAKING: Oil jumps after draw in US inventories

3:31 PM 28 June 2023

US Energy Information Administration (EIA) released an official weekly report on US oil inventories today at 3:30 pm BST. Market expected builds in oil and gasoline inventories while private estimates from API released yesterday in the evening pointed to draws in both. Actual report showed a massive 9.6 million barrel draw in headline crude inventories. Build in gasoline inventories was smaller-than-expected while distillate inventories increased in-line with expectations.

Oil prices jumped following the release with WTI (OIL.WTI) moving above $68 per barrel while Brent (OIL) is testing $73 area.

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EIA report on oil inventories

Oil inventories: -9.60 mb vs +1.4 mb expected (API: -2.41 mb)
Gasoline inventories: +0.60 mb vs +1.3 mb expected (API: -2.85 mb)
Distillate inventories: +0.12 mb vs +0.1 mb expected (API: +0.78 mb)

OIL.WTI at H1 interval. Source: xStation5

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