EIA weekly US oil inventories +3730K vs -1025K expected

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  • Prior was +1233K
  • Gasoline +2566K vs +0.891K exp
  • Distillates +881K vs +2147K
  • Refinery utilization -0.4% vs -0.3% expected

These are bearish numbers and are weighing modestly on oil prices, which were up $1.20 ahead of the release. US crude imports were the highest since 2018 and that could help explain the miss.

Private numbers yesterday:

  • Crude -2428K
  • Gasoline -2549K
  • Distillates +972K

Update: WTI now up just 54-cents.

This article was written by Adam Button at www.forexlive.com.



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