Data on the US oil inventories

• Crude oil inventories, fact -3,862M, forecast 2,655M.
• Cushing (Oklahoma) crude oil inventories, fact -0.672M, previous value 0.873M.
• Weekly distillate stocks according to EIA, fact 0.383M, forecast -1.858M.
• Gasoline stocks, the fact -4,624M, forecast -2,532M.

EIA’s US crude inventories continued to decline over the past week. Gasoline stocks in the United States showed a decline for the fourth consecutive week and a value below the forecast for the fifth consecutive week. It actually caused a new wave of rising oil prices.

U.S. Crude Oil Supply Chart

Major oil brands accelerated growth on lower supply and updated monthly highs. But it is worth noting the significant overbought of oil prices, which may be limited by the correction and increase in risks.

Read also: “How has the economy of Great Britain changed after the announcement of Brexit  and how it affected the pound?”

Hanzenko Anton

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

Topical articles of the trader’s blog:

1. 3 major mistakes of  traders-beginners
2. Emerging markets and their prospects
3. The US Dollar Index (DXY) as an auxiliary indicator for trading in commodity currencies

Current Investment ideas:

1. Walt Disney shares are ready for the spring growth! Earn on a ready-made investment idea!
2. Johnson & Johnson shares are growing again! Connect to an investment idea now!