OIL.WTI nears $66 after EIA inventories report

EIA Crude Oil Inventories: 3.614M (forecast 0.8M; previous 2.332M)

• EIA Gasoline Inventories: -1.433M (forecast -0.75M; previous 0.369M)

• EIA Distillate Inventories: -1.318M (forecast 1.5M; previous 3.908M)

• EIA Crude Cushing Inventories: 1.124M (previous 1.282M)

The report presents mixed signals. There has been a significant increase in crude oil inventories, which is generally bearish for the market. However, this is partially offset by a decrease in petroleum product inventories. This decline in product inventories is not necessarily bullish, as it stems from reduced refinery capacity utilization rather than higher demand. WTI crude oil is currently testing the $66 per barrel level and may potentially close at its lowest price since 2021 today.