BREAKING: Oil pulls back after smaller inventory draw

3:32 PM 26 July 2023

US Energy Information Administration (EIA) released an official weekly report on US oil inventories at 3:30 pm BST. Market expectation pointed to decline in oil and gasoline inventories and a slight drop in distillate stocks. However, a private API report released yesterday suggested builds in headline crude inventories as well as distillate, and a smaller-than-expected drop in gasoline inventories.

Actual report released today showed a 0.6 mb draw - smaller than expected. Gasoline inventories also declined less than expected while distillate inventories dropped more than expected.

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OIL was testing daily highs prior to the release but has pulled back following a rather bearish EIA report.

Official report on US oil inventories

Oil inventories: -0.600 mb vs -1.9 mb expected (API: +1.13 mb)
Gasoline inventories: -0.786 mb vs -2.0 mb expected (API: -1.04 mb)
Distillate inventories: -0.245 mb vs -0.1 mb expected (API: +1.61 mb)

Brent (OIL) at 30-minute interval. Source: xStation5

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