BREAKING: US crude stocks fall unexpectedly

3:34 PM 18 May 2022

Report from the US Department of Energy failed to trigger big moves on the oil market. Crude inventories fell unexpectely while gasoline stockpiles dropped more than expected. There was a surprise in distillate inventories data as it showed a big build, contrary to market expectations.

• Oil inventories: - 3.394million barrels vs +1.383 million barrels expected (API: -2.44 million barrels)

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• Gasoline inventories:- 4.779million barrels vs -1.333 million barrels expected (API: -5.10 million barrels)

• Distillate inventories:+ 1.235 million barrels vs -0.8 million barrels expected (API: +1.07 million barrels)

• Oil inventories at Cushing, Oklahoma: - 2.403million barrels vs -0.587 million barrels previously

The publication of today's report did not have a significant impact on the oil prices. WTI Oil (OIL.WTI) continues to trade around the $109.25 level. Source: xStation5

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