This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Inventories Rise Last Week
Crude oil prices have been trading broadly higher across the week. However, they ran into selling pressure mid-week in response to the latest report from the EIA.
The Energy Information Administration reported a build of over 500k barrels in headline US crude inventories in the week ending October 2nd. This was almost double the 294k barrel increase forecast.
The result takes US crude stores back up to 492.9 million. This means stores now sit at 12% above their five-year seasonal average.
The report showed that net US crude imports had increased by 0.6 million barrels per day over the week, averaging 5.7 million barrels per day.
Over the last four weeks, the net import figure averaged 5.3 million barrels per day. This is 18.9% lower than the same four-week period in 2019.
Gasoline & Distillate Stocks Fall
In terms of other fuel categories, the report showed that US gasoline stocks fell by 1.4 million barrels over the week.
They are now sitting on their f...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.