The release of the US Department of Energy report did not lead to any major movements in the oil market. Crude oil inventories fell more than expected, while gasoline inventories increased more than expected. Distillate inventory data came as a surprise as it showed a strong rise, contrary to analysts’ estimates.
– Oil Inventories: -3.691 million barrels vs. -1.055 million barrels expected (API: -4.8 million barrels)
– Gasoline Inventories: +3.058m barrels vs +0.383m barrels expected (API: -0.4m barrels)
Distillate Inventories: +1.718m barrels vs -0.6m barrels expected (API: +0.4m barrels)
Cushing, Oklahoma Oil Reserve: -0.887 million barrels vs. -1.624 million barrels previously.
Today’s release of the report did not have any significant impact on oil prices. West Texas Intermediate (OIL.WTI) continues to drift lower towards the $76.20 support. Source: xStation 5
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