EIA Weekly Crude Oil Inventories Contradict Expectations, Affect Market Performance

Wednesday, 20 March 2024, 14:30
The EIA's weekly report revealed a significant decrease in crude oil inventories by 1952K barrels, surprising the market which expected a rise of 13K barrels. Gasoline and distillates also showed unexpected trends, fueling fluctuations in oil prices. The API's late inventory release further impacted trading scenarios, highlighting the volatility in the oil market. Despite initial speculations, the market experienced a swift shift based on the latest data, reshaping investment strategies.
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EIA Weekly Crude Oil Inventories Contradict Expectations, Affect Market Performance

EIA Weekly Crude Oil Inventories Report

The EIA's latest report indicated a substantial decrease in crude oil inventories by -1952K barrels, in stark contrast to the expected rise of +13K barrels.

Gasoline and Distillates Trends

  • Gasoline: Unexpected drop of -1350K barrels.
  • Distillates: Surprising decline of -87K barrels.

API also released late inventories revealing fluctuating numbers.

WTI crude oil prices experienced swift fluctuations, reflecting the market's responses to the data.

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.

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