Data on the US oil inventories

• Crude oil inventories, fact -9,589M, forecast 0.309M.
• Cushing (Oklahoma) crude oil inventories, fact -0.468M, previous value -0.672M.
• Weekly distillate stocks according to EIA, fact -4,127M, forecast -1,094M.
• Gasoline stocks, fact -4,587M, forecast -2,414M.

EIA report on the US oil inventories showed a significant decrease in crude oil and petroleum product reserves over the week, thereby providing significant support to the cost of oil. In addition to a significant reduction in oil reserves in the United States by 9.5 million barrels, gasoline and distillate stocks declined to annual minimums.

U.S. crude stocks chart

Oil prices strengthened to recent highs due to this report. Also, this report confirmed the expectations of the oil market on the growth of consumption in the United States, as indicated by the constantly decreasing stocks of petroleum products. This will help to update recent highs.

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Hanzenko Anton

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