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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. 

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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