Data on the US oil inventories
- Crude oil inventories, fact -12,788M, forecast -2,540M
- Cushing (Oklahoma) crude oil inventories, fact -1.746M, pevious value 0.642M.
- Weekly distillate stocks according to EIA, fact -2.441M, forecast 0.522M.
- Gasoline stocks, the fact -0,996M, forecast 0,288M.
Stocks of crude oil and petroleum products decreased significantly over the week. A similar significant reduction in crude oil reserves in the United States was observed in July 2018 and more significant in September 2016. Against the background of this report, the oil market received significant support and aimed at monthly highs.
U.S. crude stocks chart
Despite the rapid growth of the oil market, it is worth noting its overbought. In the future, this may limit the strengthening of oil prices. Also it is worth noting the general uncertainty in the oil market, which will have a deterrent effect.
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