US Department of Energy (DOE) released an official weekly rreport on US oil inventories today at 3:30 pm BST. Report was expected to show small decline in oil inventories as well as moderate declines in gasoline and distillate stockpiles. However, API report released yesterday suggested a large draw in headline crude oil inventories as well as unexpected increases in gasoline and distillate stockpiles.
Official report released by DOE today showed a results similar to yesterday's API reading - large oil inventory draw as well as big builds in gasoline and distillate inventories. Report can be seen as neutral to slightly bearish for the oil market. Oil prices ticked lower following the release, although scale of the move was very small and both Brent and WTI over 1% higher on the day.
DOE report on US oil inventories
- Oil inventories: -4.87 mb vs -0.1 mb expected (API: -4.44 mb)
- Gasoline inventories: +3.33 mb vs -1.7 mb expected (API: +0.36 mb)
- Distillate inventories: +3.45 mb vs -0.8 mb expected (API: +4.92 mb)
WTI (OIL.WTI) pulled back from daily highs after US inventory data. However, commodity continues to trade over 1% higher on the day. Source: xStation5
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