The release of a US Department of Energy report has caused movements in the oil market. Crude inventories rose unexpectedly, while gasoline inventories rose more than expected. There was a surprise in the distillate inventory data as it showed a sharp decline, contrary to market expectations.
• Oil stocks: +8.41 mb versus -0.593 mb expected (API: +7.6 mb)
• Gas stocks: +3.483 mb vs. +2.529 mb (API: +2.8 mb)
• Distillate inventories: -1.939 mb vs +0.122 mb (API: -1.8 mb)
• Cushing, Oklahoma Oil Inventories: +3.646 million barrels versus +2.511 million barrels prior
The price of WTI Crude Oil (OIL.WTI) has rallied since the release of today’s EIA report and is heading towards the local resistance level at $81.00. Source: xStation5
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