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Crude
Crude oil inventories see a drawdown at -1.812 million versus -2.310 million estimate
Key Takeaways (30s Read)
Crude oil inventory shows a smaller-than-expected drawdown, while gasoline inventories rise significantly.
The latest EIA report indicates a smaller-than-expected draw in crude oil inventories, down to -1.812M from a prior increase of +0.574M. On the other hand, gasoline stocks surged to +6.397M and distillate stocks rose to +2.502M, both exceeding forecasts and suggesting bearish signals for refined product demand. Notably, crude imports shifted to a positive +0.212M from a previous decline, and refinery utilization increased by +0.4%. Cushing stocks also saw a slight increase of +0.308M, reinforcing the view of supply growth outpacing demand. Current crude oil prices are trading down $0.42 or -0.72% at $57.83.
AI Analyst
AI Opinion
"The latest EIA data highlights a significant shift in the crude oil market supply-demand dynamics. A smaller-than-expected draw in crude inventories signals that supply is outpacing demand, particularly alarming is the increase in gasoline and distillate stocks far exceeding forecasts, indicating bearish sentiment for refined products. With crude prices declining, this data suggests further downside pressure on the market. Investors should remain vigilant as the current mismatch in demand and supply may lead to heightened bearish sentiment in the short term."
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