US Department of Energy (DOE) released an official, weekly report on US oil inventories today at 3:30 pm GMT. Market expectations pointed to a small drop in oil and distillate inventories, as well as a build in gasoline inventories. However, API report released yesterday suggested much deeper drops in oil and distillate stockpiles as well as a smaller build in gasoline inventories.
Actual data released today showed an unexpected build in headline crude inventories, a smaller-than-expected build in gasoline inventories, as well as bigger-than-expected draw in distillate inventories. Overall, the report can be seen as somewhat bearish. However, market reaction does not reflect it, with oil ticking higher following the release.
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- Oil inventories: +1.23 mb vs -0.2 mb expected (API: -2.5 mb)
- Gasoline inventories: +1.16 mb vs +1.5 mb expected (API: +0.6 mb)
- Distillate inventories: -2.54 mb vs -0.5 mb expected (API: -2.1 mb)
Source: xStation5
