US oil inventories plunge, WTI gains

The US Department of Energy released the latest oil inventories report at 3:30 pm BST. Key takeaways from the report:

Oil inventories: -10.6mb vs +0.3 mb
Gasoline inventories: +0.65 mb vs -0.1 mb
Distillate inventories: +4.85 mb vs -0.3 mb

API report released yesterday pointed to a 6.8 million barrel contraction in crude oil inventories so today's release showed an even bigger drop. On the other hand, gasoline and distillate stockpiles increased in spite of an expected drop, which may hint at weaker demand. WTI jumped in a knee-jerk move after the release.

WTI (OIL.WTI) jumped following the release of the DOE report but a big part of the gain was erased already. Commodity continues to trade close to near-term support at $41.25. Source: xStation5

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