BREAKING: Oil ticks higher after EIA inventory data

US Energy Information Administration (EIA) released an official weekly report on US oil inventories today at 3:30 pm BST. Median consensus was for a drop in oil, gasoline and distillate inventories. Those expectations were reinforced further yesterday in the evening after private API data pointed to a much deeper than expected declines in inventories.

Actual data showed a smaller oil and distillate inventory draws than API data but also a deeper draw in gasoline stockpiles. 

EIA report on US oil inventories

• Oil inventories: -5.05 mb vs -1.7 mb expected (API: -6.08 mb)
• Gasoline inventories: -2.41 mb vs -1.5 mb expected (API: -1.92 mb)
• Distillate inventories: -0.58 mb vs -1.0 mb expected (API: -1.69 mb)

Oil traded over 1% lower ahead of the release. EIA data triggered small jump in crude prices but crude continues to trade lower on the day with Brent (OIL) holding below $80 mark.

Source: xStation5