- Crude Oil Inventory Change: 6.93m bbl (Expected: 0.5m bbl; Previous: 6.16m bbl)
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Gasoline Inventory Change: -2.59m bbl (Expected: -2.1m bbl; Previous: -5.44m bbl)
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Distillate Inventory Change: 3.03m bbl (Expected: -1.4m bbl; Previous: -2.53m bbl)
US crude inventories have recorded another sharp increase, though this is partially offset by another significant draw in gasoline stocks. Yesterday’s API report had estimated a more modest crude build of 2.3m bbl. Notably, refinery utilization rose by 1.5 percentage points; therefore, the decline in gasoline inventories points to resilient demand, while the rise in distillates suggests the end of the heating season. Despite these figures, the report has had little impact on oil prices, which remain primarily driven by developments in Iran.
WTI crude is finding support near $88 per barrel at the 25-period moving average. Iran's rejection of peace terms indicates that tensions in the Middle East will remain high for the foreseeable future. At the same time, continued pressure from the US suggests that Washington is keen to avoid a prolonged conflict, which has been driving up commodity prices and generating massive economic costs.
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