Oil Inventory Report - June 28
Posted: Wed Jun 28, 2017 10:29 am
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 118,000 barrels in the week ended June 23.
Market analysts' expected a crude-stock decline of around 2.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 851,000 barrels.
Total U.S. crude oil inventories stood at 509.2 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year.
The report also showed that gasoline inventories decreased by 894,000 barrels, compared to expectations for a drop of 583,000 barrels.
For distillate inventories including diesel, the EIA reported a fall of 223,000 barrels.
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WTI price moved higher immediately after the report. My SWAG is that the spike in price is just some short covering as hedge funds had built a very large short position. Decline in refined products inventories is bullish news and unexpected.
Market analysts' expected a crude-stock decline of around 2.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 851,000 barrels.
Total U.S. crude oil inventories stood at 509.2 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year.
The report also showed that gasoline inventories decreased by 894,000 barrels, compared to expectations for a drop of 583,000 barrels.
For distillate inventories including diesel, the EIA reported a fall of 223,000 barrels.
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WTI price moved higher immediately after the report. My SWAG is that the spike in price is just some short covering as hedge funds had built a very large short position. Decline in refined products inventories is bullish news and unexpected.