CRUDE OIL INVENTORY'000 bbls (Week Ended 3/8/2017)
Current: 528,393
Actual Build/(Withdrawal): 8,209
Economist Average Estimate: 1,288
Previous: 520,184
Crude Oil Storage Report - Mar 8
Crude Oil Storage Report - Mar 8
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Crude Oil Storage Report - Mar 8
WTI crashed through support levels at $52 and $51. WTI down about 3%.
> Energy Information Agency (EIA) reported a much larger increase in U.S. crude inventories than was expected.
> The EIA said that Crude oil inventories rose by 8.209 million compared to estimates of an increase of 1.967 million barrels.
> Gasoline inventories decreased by 6.555 million against expectations for a draw of 1.4 million barrels while distillate stockpiles fell by 2.676 million barrels, compared to expectations of a 0.9 million decline. Crude traders seem to be ignoring the larger than expected drop in refined products.
It was the ninth straight weekly rise in U.S. crude inventories and added to concerns that a supply glut could curtailed OPEC’s efforts to rebalance supply and demand in the industry.
The IEA's Oil Market Report is expected to come out on March 10th, giving traders a more global view of the oil markets.
> Energy Information Agency (EIA) reported a much larger increase in U.S. crude inventories than was expected.
> The EIA said that Crude oil inventories rose by 8.209 million compared to estimates of an increase of 1.967 million barrels.
> Gasoline inventories decreased by 6.555 million against expectations for a draw of 1.4 million barrels while distillate stockpiles fell by 2.676 million barrels, compared to expectations of a 0.9 million decline. Crude traders seem to be ignoring the larger than expected drop in refined products.
It was the ninth straight weekly rise in U.S. crude inventories and added to concerns that a supply glut could curtailed OPEC’s efforts to rebalance supply and demand in the industry.
The IEA's Oil Market Report is expected to come out on March 10th, giving traders a more global view of the oil markets.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group