Report from the US Department of Energy on oil inventories was released today at 2:30 pm GMT. The report more or less confirmed inventory changes signaled yesterday by API report. A big build was reported in crude inventories while gasoline inventories plunged.
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Oil inventories: +4.34 mb vs -0.9 mb expected (API: +3.75 mb)
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Gasoline inventories: -3.62 mb vs -1.4 mb expected (API: -3.8 mb)
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Distillate inventories: +0.33 mb vs -1.7 mb expected (API: +0.9 mb)
Oil prices moved lower following the release. However, the move lower was not triggered by the report as it was continuation of a pullback triggered by the Financial Times report saying that Ukraine and Russia are drawing up a peace plan. WTI is trading below $93.50 per barrel while Brent dropped below $98 per barrel. In both cases those are levels not seen since the beginning of the Russian invasion of Ukraine.
Brent (OIL) dropped below $98 per barrel this afternoon with the move lower being driven by the Financial Times report. OIL is trading near levels from the beginning of a Russian invasion. Note that price have realized the range of a downside breakout from a descending triangle pattern. Source: xStation5
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