The Magazine for Asian Investors
EIA data showed a decrease in crude oil inventory of -2.144M barrels. Thus, the decline is below the expectations of analysts who have predicted a decline of a good 3.5M barrels.
The figures of the EIA are thus also far below the figures of the American Petroleum Institute which reported a decline of 6.43M barrels.
Meanwhile, fuel inventories have increased by a whopping 10.128M barrels. This is well above expectations of just under 2M barrels.
Crude oil inventory at Cushing, Oklahoma the delivery point for U.S. crude oil increased by 2.577M barrels last week.
Heating Oil Inventories decreased by 0.349M, Distillates Stocks increased by 4.418M and Gasoline Production decreased by 1.607M.