EIA reports U.S. crude inventories fell 3.2 million barrels, defying expectations

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Summary · why it matters

The U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell 3.2 million barrels last week, defying analysts' expectations for an increase of 1.9 million barrels. Meanwhile, crude stocks in Cushing, Oklahoma, the delivery point for U.S. crude futures, rose 444,000 barrels. Gasoline inventories rose 382,000 barrels last week, while analysts had expected a decline of 1.7 million barrels. Distillate inventories, which include heating oil and diesel, fell 42,000 barrels, while analysts had expected a decline of 2.1 million barrels.

Impact on assets 3

Others▲
⛏Crude Oil WTI Futures
WTI
▲ PositiveSupplyrelevance

U.S. crude inventories fell 3.2 million barrels, defying expectations for a build, signaling tighter crude supply.

⛏Brent Crude Oil Futures
BRENT
▲ PositiveSupplyrelevance

Surprise 3.2 million-barrel draw in U.S. crude stocks signals tighter global crude supply, supportive for Brent.

⛏Heating Oil Futures
HEATOIL
± MixedSupplyrelevance

Distillate inventories fell only 42,000 barrels versus an expected 2.1 million-barrel decline, a smaller draw than anticipated.