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BREAKING: US crude stocks drop unexpectedly

3:35 PM 5 October 2022

Publication of report from the US Department of Energy caused some moves on the oil market. Crude inventories fell unexpectedly, while gasoline stockpiles dropped more than expected. There was a surprise in distillate inventories data as it showed a big decline.

• Oil inventories: - 1.356 mb vs +2.052 mb expected (API: -1.77 mb)

• Gasoline inventories: -4.728 mb vs -1.334 mb (API: -3.47 mb)

• Distillate inventories: -3.443 mb vs -1.8 mb (API: -4.05 mb)

• Oil inventories at Cushing, Oklahoma: +0.273 million barrels vs +0.692 million barrels previously

WTI Crude Oil (OIL.WTI) price is testing major resistance zone around $87.60. Source:xStation5   

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