BREAKING: Oil jumps after massive draw in US inventories

US Energy Information Administration (EIA) released an official weekly report on US oil inventories today at 3:30 pm BST. Median expectation among economists was for a small increase in oil and distillate inventories as well as a moderate drop in gasoline inventories. However, it should be said that those expectations were compiled ahead of yesterday's API release that showed massive drops in oil and gasoline stockpiles.

Actual report showed an even bigger drop in crude oil inventories than suggested by API. EIA data also showed an unexpected drop in distillate inventories as well as smaller than hinted by API drop in gasoline inventories.

EIA report on US oil inventories:

Oil inventories: -12.45 mb vs +0.8 mb expected (API: -6.8 mb)
Gasoline inventories: -2.05 mb vs -1.1 mb expected (API: -6.4 mb)
Distillate inventories: -0.56 mb vs +0.4 mb expected (API: +1.7 mb)

OIL jumped to a fresh daily higher following EIA report. Source: xStation5

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When will the rise in oil prices reach us?

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