BREAKING: OIL ticks higher after inventory data

US Department of Energy (DOE) released an official, weekly report on US oil inventories today at 3:30 pm GMT. Market expectations pointed to a small drop in oil and distillate inventories, as well as a build in gasoline inventories. However, API report released yesterday suggested much deeper drops in oil and distillate stockpiles as well as a smaller build in gasoline inventories.

Actual data released today showed an unexpected build in headline crude inventories, a smaller-than-expected build in gasoline inventories, as well as bigger-than-expected draw in distillate inventories. Overall, the report can be seen as somewhat bearish. However, market reaction does not reflect it, with oil ticking higher following the release.

Official report on US oil inventories

• Oil inventories: +1.23 mb vs -0.2 mb expected (API: -2.5 mb)
• Gasoline inventories: +1.16 mb vs +1.5 mb expected (API: +0.6 mb)
• Distillate inventories: -2.54 mb vs -0.5 mb expected (API: -2.1 mb)

Source: xStation5