U.S. Oil Inventories Data
- Crude oil inventories, fact 5,702M, forecast 0,494M.
- Cushing (Oklahoma) crude oil inventories, fact 1,572M, previous value 1,506M.
- Weekly distillate stocks according to EIA, fact -1.032M, forecast -2.350M.
- Gasoline inventories, fact -3.037M, forecast -2.185M.
Crude oil inventories in the US rose by a significant 5.7 million barrels for the week. By doing so, they collapsed the cost of oil due to the growth in supply. Data on gasoline and distillate stocks turned out to be mixed, but they have little effect on the oil market amid a significant increase in crude oil reserves.
Fig. US Crude Oil Stock Chart
Despite a significant increase in the US oil inventories, the oil market continues to be limited to the lows of this week. Since the market took into account the growth in supply in the cost of oil, it is also worth noting the preservation of the downward dynamics, which will be limited by oversold.
Hanzenko Anton
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