BREAKING: OIL ticks lower after US inventory data

US Department of Energy released its weekly oil report, including data on weekly change in US energy inventories. API data released yesterday hinted at an unexpected build in headline crude inventories, a bigger-than-expected build in gasoline inventories, as well as a slightly smaller-than-expected build in distillate inventories.

Offical US government report released today showed a bigger than expected drop in headline crude inventories, a much bigger than expected build in gasoline inventories as well as a slightly bigger-than-expected build in distillate inventories. Nevertheless, oil prices are still trading over 2% lower on the day.

DOE report on US oil inventories

Oil inventories: -4.63 mb vs -2.3 mb expected (API: +0.59 mb)
Gasoline inventories: +5.42 mb vs +1.2 mb expected (API: +2.83 mb)
Distillates inventories: +1.27 mb vs +1.1 mb expected (API: +0.89 mb)

Oil prices moved lower in a knee-jerk move as builds in gasoline and distillate inventories seemed to outshine a drop in headline crude inventories. Brent (OIL) dropped to a fresh daily low near $75.30 per barrel. However, part of this drop has been erased already.

Source: xStation5

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BREAKING: OIL ticks lower after US inventory data

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