BREAKING: OIL trims gains after DOE report

US Department of Energy (DOE) released an official weekly report on US oil inventories today at 3:30 pm BST. Report was expected to show decline in all three major categories - oil, gasoline and distillate inventories. Private API report released yesterday in the evening suggested a drop in inventories, although it pointed to a much bigger draw in headline crude oil inventories, and smaller decline in distillate inventories.

Official DOE report released today showed a bigger-than-expected drop in headline oil inventories, although smaller than suggested by API yesterday. Decline in gasoline inventories was also bigger-than-expected, while distillate inventories unexpectedly increased. Overall, DOE report can be seen as slightly bullish for oil prices. However, oil prices ticked lower following the release.

Nevertheless, oil continues to trade higher on the day, with an increase in Middle East tensions following assassination of Hamas leader in Teheran, Iran, being the main driver.

DOE report on US oil inventories

Oil inventories: -3.44 mb vs -2.3 mb expected (API: -4.49 mb)
Gasoline inventories: -3.66 mb vs -1.5 mb expected (API: -1.92 mb)
Distillate inventories: +1.53 mb vs -1.5 mb expected (API: -0.32 mb)

Source: xStation5

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