Oil Gains Nearly 2% Despite a Sharp Rise in US Inventories 📈

EIA crude oil inventories rose by 4.657 million barrels versus an expected decline of 1.483 million and a previous drop of 0.865 million barrels.
Gasoline inventories increased by 1.799 million barrels versus an expected decline of 0.35 million and a previous drop of 0.222 million barrels.
Distillate inventories rose by 4.071 million barrels versus an expected decline of 2.0 million and a previous drop of 3.565 million barrels.
Crude inventories at Cushing increased by 0.106 million barrels versus a 0.280 million-barrel build previously.

The EIA data were negative for the oil price outlook, as nearly all major inventory categories surprised with sizeable builds instead of the expected declines. The simultaneous increase in crude, gasoline and distillate inventories looks particularly weak and may point to softer end-demand or greater supply in the system than the market had anticipated. If the data are not offset by stronger export demand or renewed geopolitical risks, the report could increase downside pressure on prices, although the immediate market reaction does not point in that direction. Futures on Texas WTI (OIL.WTI) is gaining almost 1.5%, while Brent (OIL) is up around 2%, supported by renewed geopolitical uncertainty arount the US - Iran deal.

Source: XTB

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