Crude oil inventories increased by 7.9 million barrels, gasoline stocks fell 700,000 barrels
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Crude oil inventories increased by 7.9 million barrels, gasoline stocks fell 700,000 barrels
The Energy Information Administration said on Thursday that "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous week."
Some analytics analyzed the situation as the following: "Oil had been under pressure after the American Petroleum Institute late Wednesday reported that crude inventories rose 8.7 million barrels last week. Analysts surveyed by S&P Global Platts had expected the more closely followed EIA report to show crude inventories fell by 1.2 million barrels."
"WTI initially traded to negative territory after the EIA report came out on the knee-jerk reaction to the 7.9 million build in crude-oil storage, which is actually a build of 10.0 million when new barrels at the [Strategic Petroleum Reserve] are added,” - noted Robert Yawger, director of energy at Mizuho Securities U.S.A.
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