Crude inventories rise unexpectedly, oil price drops

3:34 PM 22 July 2020

The US Department of Energy released the latest data on the change in oil inventories at 3:30 pm BST. Report showed inventory builds in two categories - crude oil and distillates - and confirmed yesterday's estimates from API. Gasoline inventories dropped in-line with estimates Key takeaways from today's DOE report:

  • Oil inventories: +4.89 mb vs -1.95 mb expected

  • Distillate inventories: +1.07 mb vs -0.55 mb expected

  • Gasoline inventories: -1.18 mb vs -1.17 mb expected

Oil, just as stock market indices, is trading at post-pandemic highs. WTI price has been struggling in the $41.00-41.50 area for a few days now and has entered a short-term downward trend. Oil prices dropped in response to DOE report release. However, the scale of the move was quite minor.

OIL.WTI trades in a short-term downward channel. Price moved towards the support zone at $41 in the aftermath of the DOE report release. However, WTI started to recover later on Source: xStation5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits