Oil reserves in the USA by EIA

The report on US oil reserves from the EIA confirmed the expectations of the API, but not fully. Oil reserves for the past week decreased by 5.7 million barrels with the expected crash of 4.2 million barrels. But the API expectations for the growth of gasoline and distillate stocks were justified, however, not fully.

As a result, oil quotes received a restrained but bullish impulse. Considering that WTI is trading near the five-month highs, and Brent near – a two-year highs, oil should expect restrained dynamics, which will be limited to the highs of September. Also, there will be some uncertainty about oil due to overbought and no real decline in production.

Hanzenko Anton