Oil price tumbles on EIA inventory stats
|A bit of a tumble for crude yesterday which was mainly down to the EIA inventory stats. Whilst crude drew 1m barrels which was close enough to the whisper, it was the gasoline numbers which showed a build of 1.5m barrels that put the cat amongst the pigeons, a draw of 1.9m b’s was forecast. With a rise of 1.9% to 92.9% refinery rates were indeed high but no more than can be expected given that we are only about a month away from the start of the driving season. Interestingly, distillates drew by 2m barrels showing that the product markets are in a bit of a quandary.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.