Oil rallies to 2-week highs after inventory drawdown

Summary:

EIA crude oil inventories -8.5M
7th drawdown in a row. -10.8M last week
Oil hits highest level in a fortnight above $65

The weekly crude oil inventories have once more shown a sizable drop, with the release following in the footsteps of last night’s API number. A print of -8.5M means its now 7 consecutive weekly declines for this metric and the drop itself was larger than the consensus forecast (-2.5M) and also the API (-6.0M). Last week’s EIA number was -10.8M.

Oil has jumped higher following the release with the market rising by around 35 ticks to trade above the prior daily highs. Source: xStation

The breakdown of the report was as follows:

Gasoline: -1.8M vs -1.5M exp
Distillates: -1.8M vs +1.0M exp
Cushing: -1.5M
Production: 12.2M vs 11.3M prior

All in all the figures look supportive of the price of Oil with most of the components declining more than expected. The rise in production could be seen to offer a negative but this is simply a reversal of last week’s drop and in itself should not be read into too much.

Longer term the picture for Oil is not too clear, with the market struggling for direction lately. There’s a possible bullish crossing printing on the EMAs, but lately these crosses haven’t been the most reliable signals. Source: xStation

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