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Oil moves slightly higher after DOE inventories data

5:04 PM 5 January 2023

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

• Oil inventories: +1.694 mb vs +1.154 mb expected (API: +3.3 mb)

• Gasoline inventories: -0.346 mb vs -0.486 mb (API: -0.5 mb)

• Distillate inventories: -1.427 mb vs -0.396 mb (API: -0.4 mb)

• Oil inventories at Cushing, Oklahoma: +0.244 million barrels vs -0.195 million barrels previously

WTI Crude Oil (OIL.WTI) rose slighlty and broke above local resistance at $73.60. Source:xStation5   

 

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