Data on the US oil inventories

• Crude oil inventories, fact 5.431M, forecast -0.800M.
• Cushing (Oklahoma) crude oil inventories, fact 1,805M, the previous value of 0.821M.
• Weekly distillate stocks according to EIA, fact 0.084M, forecast -1.006M.
• Gasoline stocks, the fact -1,123M, the forecast -0,299M.

As expected, the US crude stocks have increased. But despite this, gasoline stocks showed a significant decrease. This effectively overshadowed concerns about an increase in US crude supply. EIA also raised forecasts for oil prices amid falling supply.

Fig. U.S. crude stocks chart

On the published statistics and the sharp weakening of the US dollar, the main oil brands received a support. But it should be noted that the overall dynamics of the oil market remains downward, limiting the significant strengthening of oil prices.

Read also: “Trading against the trend using examples”

Hanzenko Anton

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Earn with the help of the trade service on the news Erste News!

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