Data on the US oil inventories

• Crude oil inventories, fact 2,800M, forecast -1,100M.
• Cushing (Oklahoma) crude oil inventories, fact 0.541M, previous value -0.468M
• Weekly distillate stocks according to EIA, fact -2.075M, forecast -0.896M.
• Gasoline stocks, fact -2,883M, forecast -2,775M.

Crude oil inventories in the USA increased over the past week, but oil prices reacted to this EIA report with growth, which was caused by the continued decline in gasoline and distillate stocks.

U.S. crude stocks chart

The cost of the main oil brands remains limited by the level of the opening of the day and general market sentiment despite the decline in stocks of petroleum products. At the same time, there is no single mood in the market in both foreign exchange and stock markets. As a result, it is expected a restrained movement of oil near the opening of the day level.

Read also: “The Theories of Elliott Wave: Prediction Correction and Channel Formation”

Hanzenko Anton

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