EIA weekly US crude oil inventories -1274K vs -1066K expected

The latest EIA crude oil inventory data shows a decline of -1274K, lower than the expected -1066K, resulting in increased selling pressure in the market. The previous inventory figure was -1812K. Gasoline inventories surged to +4808K, well above the forecast of +2062K, while distillate stocks rose to +1712K versus the expected +1178K. This divergence has created notable selling pressure in the oil market. In private data released the day before, crude oil inventories were expected to be down by -9300K, alongside gasoline at -4800K, suggesting a tightening supply scenario. However, the EIA data indicated an increase in gasoline supplies, raising concerns over potential oversupply in crude oil and easing previous supply shortages. Market participants are closely watching how this large discrepancy will influence price action, with short-term selling pressure becoming a concern. Investors are on heightened alert following results that went against bullish market consensus.