BREAKING: EIA Oil Inventories drop significantly, Oil gains 🛎

03:30 PM GMT, United States - EIA Data:

• Crude Oil Inventories: actual -9.233M; forecast -2.150M; previous -2.492M;
• EIA Refinery Crude Runs: actual -1.377M WoW; previous 0.135M WoW;
• Crude Oil Imports: actual -1.245M; previous -0.528M;
• Cushing Crude Oil Inventories: actual -2.008M; previous -2.099M;
• Distillate Fuel Production: actual -0.402M; previous -0.265M;
• EIA Weekly Distillates Stocks: actual -1.417M; forecast 0.348M; previous 2.370M;
• Gasoline Production: actual -1.040M; previous -0.291M;
• Heating Oil Stockpiles: actual -0.379M; previous 0.542M;
• EIA Weekly Refinery Utilization Rates: actual -7.1% WoW; previous -0.3% WoW;
• Gasoline Inventories: actual 4.913M; forecast 2.300M; previous 3.083M;

The cold weather in the US seems to have significantly affected production and refining, leading to a notable decline in these areas. Generally, this scenario could be seen as bullish, but the market is likely to attribute it to the weather conditions and not give it much weight.