BREAKING: Oil muted after unexpected build in US inventories

Official US report on oil inventories was released today at 3:30 pm BST. API estimates released yesterday pointed to an unexpected 0.38 million barrel build (exp. -1.3 mb). However, a Department of Energy report showed that US oil inventories actually grew over the past week by 0.6 million barrels. Gasoline and distillate inventories dropped less than expected. Market reaction was fairly muted with oil trading little changed in the first minutes after release.

US oil inventories

Oil inventories: +0.60 mb vs -1.3 mb expected (API: +0.38 mb)
Gasoline inventories: -0.61 mb vs -1.5 mb expected (API: +0.45 mb)
Distillate inventories: -0.33 mb vs -0.7 mb expected (API: -1.98 mb)

While oil has been fairly muted following the release of DOE data, crude prices are on the rise today. Brent (OIL) is attempting to make a break above the upper limit of the Overbalance structure in the $87.00 per barrel area. Source: xStation5

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