A few moments ago investors were offered The Energy Information Administration’s (EIA) report. The weekly data showed an unexpected crude oil inventories decline and totally missed market expectations. Gasoline inventories fell as well, but not as much as predicted. Surprisingly, distillate inventory showed a huge build-up. The exact results were as follows:
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Crude Oil Inventories: -4389k (vs expected: 1453.20k)
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Gasoline Inventories: -381k (vs expected: -1059.40k)
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Distillate Inventory: 3461k (vs expected: -227.70k)
After significant decrease of crude oil inventories in recent weeks, inventories decline even further. Source: Bloomberg
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