The US Department of Energy released a weekly report on US oil inventories today at 3:30 pm BST. Report largely confirmed estimates released by API yesterday, especially when it comes to oil and distillate inventories. Gasoline inventories data came much lower than 3.2 million barrel build signaled by API but still much above initial expectations of 1.1 million barrel drop.
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Oil inventories: +1.14 mb vs +2.3 mb expected (API: +1.035 mb)
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Gasoline inventories: +1.57 mb vs -1.1 mb (API: +3.225 mb)
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Distillate inventories: +1.23 mb vs -0.6 mb (API: +1.538 mb)
Oil jumped earlier today after Russian President Putin announced a 'partial military mobilization'. However, this jump was almost fully erased even before the release of the weekly report on US oil inventories. As we have said already in the introduction, report largely confirmed yesterday's API print and therefore crude prices barely saw any reaction to the release. Brent trades near $91 per barrel while WTI trades slightly near $84 per barrel.
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Brent (OIL) saw little reaction to DOE report releases and continues to trade near $91 per barrel. Source: xStation5
