U.S. Oil Inventories Data

• Crude oil inventories, fact -1.699M, forecast 2.232M.
• Cushing (Oklahoma) сrude oil inventories, fact 1,506M, previous value 1,276M
• EIA weekly distillate reserves according, fact -2.715M, forecast -2.785M.
• Gasoline inventories, fact -3.107M, forecast -2.267M.

Stocks of oil and petroleum products in the US for the week decreased significantly, despite negative expectations. Of particular note is the decrease in crude oil and gasoline reserves, while the volume of distillates decreased less significantly than expected. Despite the fact that the decline in crude oil stocks is observed for the first time in five weeks, stocks of gasoline and distillates are reduced in the fourth and fifth weeks, respectively.

Fig. U.S. Crude Oil Stock Chart

Major oil brands received a support an hour and a half before the publication of the report, which limited the growth in oil prices. It is also worth noting that the oil market has reached the highs of the month and recent weeks, which will also limit its growth.

Read also: “The results of the July Fed meeting for the market”

Hanzenko Anton

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