EIA Crude Oil Stocks rise by 414K, lower than expected, WTI extends gains

Yohay Elam FXStreet

The EIA has reported a build in US crude oil inventories in the week ending February 14 of 414,000 barrels. Expectations stood at an increase of 2.494 million. A lower increase in stored petrol is positive for oil prices.

WTI Crude Oil extends its gains above $54.50.

Distillates are down 635K compared to 1,600K expected and gasoline is down 1,971K versus an increase of 200K.

Refinery utilization is up 1.4% compared to an expected decrease of 0.65%.

Oil prices have been on a recovery path after falling in response to the coronavirus health crisis.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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