BREAKING: Oil ticks lower after EIA report

2:32 PM September 20, 2023

US Energy Information Administration (EIA) released a weekly report on the US oil inventories at 3:30 pm BST today. Private API report released yesterday showed a crude inventory drop that was twice as big as market expected, as well as an unexpected build in gasoline stockpiles. 

Actual report showed a crude inventory draw that was slightly smaller than expected as well as big drops in gasoline and distillate inventories. Oil moved slightly lower following the release but scale of the move was very small - less than 0.3% in the first minute after the release.

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EIA report on US oil inventories

  • Oil inventories: -2.14 mb vs -2.5 mb expected (API: -5.25 mb)
  • Gasoline inventories: -0.83 mb vs -0.2 mb expected (API: +0.73 mb)
  • Distillate inventories: -2.87 mb vs -0.5 mb expected (API: -0.26 mb)

Source: xStation5

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