U.S. Oil Reserves Data
- Crude oil inventories, fact -10.027M, forecast -2.112M.
- Cushing (Oklahoma) crude oil inventories, fact -1.980M, previous value -2.485M.
- EIA weekly distillate inventories, fact -2.063M, forecast 0.918M.
- Gasoline inventories, fact -2.090M, forecast -0.388M.
Crude oil and petroleum product inventories declined significantly over the week, renewing optimism in the oil market. In addition to the rapid decline in the US crude oil to its lowest level for the year, stocks of distillates and gasoline were reduced, while maintaining the demand for crude oil.
Fig. U.S. Crude Oil Stock Chart
At the same time, the oil market reacted very restrained to the data on oil reserves in the USA for the week. This is due to significant growth on expectations and to strengthening at the start of the day. But such statistics indicate the potential for an increase in the cost of oil to monthly highs. Which, in turn, are limited to correction after growth.
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- What does the US Fed Chairman Powell statement mean for the US dollar
- ECB is preparing a stimulus package
- The national currency exchange rate as an advantage in trade talks
Current Investment ideas:
- Selling Alcoa shares makes a profit! Three reasons to connect now!
- The trade war for Boeing: good or bad and how can we make money from it!