Crude oil erased this week’s gains after US inventories unexpectedly rose, ANZ analysts Brian Martin & Daniel Hynes note.
Oil prices go down due to a rise in US oil inventories
“The Energy Information Administration’s weekly inventory report showed stockpiles of crude oil rose 1.36mbbl last week, snapping a six-week streak of declines.”
“This was against the API’s estimate of a 5.2mbbl decline. Even so, gasoline and distillate inventories fell 2,894kbbl and 1,673kbbl respectively.”
“The drawdown in gasoline stockpiles helped push implied demand back above 9mb/d. Traders are on edge, as geopolitical tensions remain high.”
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