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Oil Inventories Rose by 8M Barrels: EIA

Published 05/28/2020, 11:02 AM
Updated 05/28/2020, 11:06 AM
© Reuters.

Investing.com – Stockpiles of U.S. crude rose sharply, the Energy Information Administration said Thursday.

Oil inventories rose by 8 million barrels for the week ended May 22, the EIA said. That compared with expectations for a draw of about 1.9 million barrels, according to forecasts compiled by Investing.com.

Gasoline inventories fell by about 700,000 barrels, versus forecasts for a rise of about 100,000 barrels. Distillate stockpiles rose by 5.5 million barrels, compared with expectations for a build of about 1.8 million barrels.

WTI futures fell by 0.3%. They had been down 0.2% ahead of the numbers.

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Oil futures rose on Thursday, erasing earlier losses, on signs U.S. gasoline demand is rising despite a big surprise build in crude inventories and worries that China’s new Hong Kong security law could result in trade sanctions. https://worldabcnews.com/oil-prices-rise-on-higher-u-s-gasoline-demand-refinery-runs/
why ?
Why is price going up?
haha  What will it do, what will it do?  So many will spit out their coffee & spill their cup when it suddenly drops  :)
The oil is actually up lol
Gasoline inventories down. That is bullish for crude
refineries producing less gasoline glut building elsewhere like hearing oil
If gasoline inventories are down, that means the refineries can ramp up production. More crude in, more gasoline out. Demand is picking up.That is why crude price is going up. If you are teading crude, always look at gasoline inventories first.
Trading*
are you all reading the numbers? basically 1/2 million barrels gasoline consumed VS 8 million stockpile of crude and 5 million distillates? either some VLCC deliveries A are happening or production is still outpacing demand.
Good for the oil price(?!) apparently 🙄
crude oil upside move price 35$/par berral
Because there's so much available?
time to drive my electric car. it's just one electric out of millions. peak oil is here
And now... the price will go up or down???
Priced in
Stop predict what you can’t
Yesterday it was a drawdown.. whatever
"unexpectedly"
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