EIA Weekly Crude Oil Inventories -1952K vs +13K Expected

Wednesday, 20 March 2024, 14:30

The Energy Information Administration reports a surprising -1952K decline in crude oil inventories, surpassing the expected increase of +13K. Gasoline inventories also fell more than anticipated, while distillates showed a negative deviation. Despite initial optimism of a substantial draw in crude oil, market sentiment shifted after the API inventory data release. WTI crude oil prices experienced a drop to $81.85 following the report.

https://store.livarava.com/9f8e8518-e6c6-11ee-968a-5254a2021b2b.jpe — EIA Weekly Crude Oil Inventories -1952K vs +13K Expected

EIA Weekly Crude Oil Inventories:

Crude: -1952K vs +13K expected

Gasoline: -1350K vs -87K expected

Distillates: -1574K vs +512K

API inventories (late yesterday):

Crude: -1519K
Gasoline: -1574K
Distillates: +512K
Cushing: +325K

Initial speculation of a 6 million barrel crude oil draw diminished to 3-4 million post-API data. WTI crude oil prices dipped by $1.62 to $81.85 after the announcement.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

EIA Weekly Crude Oil Inventories:

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