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crude oil

Less Than Expected Inventories Build

Crude prices posted a small recovery yesterday in response to the latest report from the Energy Information Administration. The EIA reported that in the week ending February 21st, US crude stores were higher by 500k barrels.

Despite the rise, crude prices were supported in response to the data as the market had been expecting a rise of 2.3 million barrels. After a week of heavy losses, the news of a smaller-than-expected build helped lift crude prices slightly.

The report also noted that on the back on the build, crude stores in the US are now at 443.3 million barrels. This is firmly below their five-year seasonal average.

The rest of the report was equally bullish. Gasoline stockpiles were lower by 2 million barrels. This was despite production ramping up to 9,8 million barrels per day from 9.5 million barrels per day prior.

Distillate stockpiles were also lower by 2.1 million barrels. They extended declines from the prior week’s 600k barrel drawdo...

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