Breaking: Oil recovery aided by smaller inventory build

There’s been a further recovery in the Oil price after the weekly crude oil inventories with a smaller than expected rise sending the market up to its highest level of the day.

The breakdown of the data was as follows:

Crude Oil inventories: +1.4M vs +1.5M exp. +2.2M prior (API: +6.0M)
Gasoline: +1.8M vs +0.8M exp. +1.9M prior
Distillates: -1.0M vs -1.0M exp. -2.5M prior
US production: 12.8M bpd - unchanged

While the headline build was pretty much in keeping with the expected and prior, it is significantly less than last night’s API reading and this has likely caused the move higher in the immediate reaction. The other components of the report could be described as fairly mixed.

Oil has moved back above the $61 handle after the release with the market up 160 ticks from the overnight lows and filling the gap down. Source: xStation

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Hawkish move from the Fed! Warsh takes no prisoners in the fight against inflation. US500 at its lowest since August 3, and gold already below $4,300.

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