BREAKING: Oil stocks rise, though less than a week ago

4:32 PM 29 November 2023

EIA inventories for the last week:

EIA Crude Cushing Inventories Actual 1.854M (Forecast -, Previous 0.858M)
EIA Crude Cushing Inventories Actual 1.854M (Forecast -, Previous 0.858M)
EIA Crude Oil Inventories Actual 1.61M (Forecast -0.05M, Previous 8.701M)
EIA Gasoline Inventories Actual 1.764M (Forecast -0.7M, Previous 0.749M)
EIA Distillate Inventories Actual 5.217M (Forecast -1.342M, Previous -1.018M)

The unexpected large increase in distillate inventories, particularly diesel, is a significant and welcome development given the previously critically-low levels. This surge in supplies is seen as bearish for oil prices, which were already declining before the data release. This situation could serve as a cautionary signal to OPEC, suggesting that the crude market is not as tight as previously thought.

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Source: xStation 5

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