WTI Oil Price Steady Despite Buildup in EIA Inventories
The Oil price remains steady in the US session despite the buildup in the EIA crude inventories, while expectations were for a drawdown
The Oil price remains steady in the US session despite the buildup in the EIA crude inventories, while expectations were for a drawdown. However, tensions in the Middle East and the ongoing OPEC+ meeting are keeping tensions high in the Oil market, so it seems like traders are waiting for the outcome of this meeting.
WTI Oil Chart H1 – MAs Keeping the Price Supported
The smaller moving averages have been acting as support for WTI crude, sending Oil prices above $86 today, however Oil has retreated back below this level an is consolidating not too far from it. There was a small decline after the EIA crude Inventories, but the pullbck seems weak and moving averages wil continue to hold as support, so we might even go long on Oil as the 20 SMA (gray) or the 50 SMA (yellow).
EIA Weekly US Crude Oil Inventories
- Crude Oil Inventories: Increased by 3,210,000 barrels, compared to an expected decrease of 1,511,000 barrels. The prior week saw an increase of 3,165,000 barrels.
- Gasoline Inventories: Decreased by 4,256,000 barrels, exceeding expectations for a decrease of 820,000 barrels.
- Distillate Inventories: Decreased by 1,268,000 barrels, surpassing expectations for a decrease of 604,000 barrels.
- Crude Oil Production: Remained unchanged at 13.1 million barrels per day (mbpd), consistent with the previous week.
- Implied Mogas Demand: Increased to 9.24 mbpd from 8.715 mbpd in the previous report, indicating higher demand for motor gasoline.
Additionally, here are the API Private Crude Oil Inventories data from yesterday:
- Crude Oil Inventories: Decreased by 2,286,000 barrels.
- Gasoline Inventories: Decreased by 1,416,000 barrels.
- Distillate Inventories: Decreased by 2,548,000 barrels.
The EIA and API reports provide valuable insights into the supply and demand dynamics of the crude oil market, influencing market sentiment and prices. The unexpected increase in crude oil inventories reported by the EIA contrasts with the decrease reported by the API, and the differences between the two reports may lead to market volatility as traders interpret the data and adjust their positions accordingly.
US WTI Crude Oil Live Chart
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