The EIA said crude inventories rose by 1.501 mn barrels after a rise of 564,000 barrels the previous week.
Crude inventories were forecast to rise by 3.079 mn barrels.
Gasoline stocks fell by 546,000 barrels after a fall of 2.628 mn barrels the previous week.
Gasoline inventories were expected to fall by 1.789 mn barrels.
Oil Storage Report - March 1
Oil Storage Report - March 1
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Storage Report - March 1
Technical analysis: https://www.investing.com/analysis/crud ... -200177458
WTI has moved into a very tight trading range. The upward tilt to a tight wedge like this bullish, but it will be headline driven until we begin to see proof of OPEC production cuts in OECD inventory reports.
Demand for crude oil should increase by over a million barrels per day in April.
WTI has moved into a very tight trading range. The upward tilt to a tight wedge like this bullish, but it will be headline driven until we begin to see proof of OPEC production cuts in OECD inventory reports.
Demand for crude oil should increase by over a million barrels per day in April.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group