EIA reports a larger-than-expected rise in U.S. crude inventories, but the supply picture is not uniformly bearish
🛢 EIA data showed U.S. commercial crude inventories rose by 4.4 million barrels in the week ended August 14 to 428.8 million barrels, compared with market expectations for a decline of around 1.6 million barrels. This also marked the third consecutive weekly build.
📉 However, Cushing inventories fell by 1.3 million barrels to 21.3 million, while distillate stocks declined by 1.5 million barrels and remained 13% below the five-year average, indicating continued tightness in parts of the supply chain.
🏭 Refinery utilization increased to 97.2%, while four-week average product demand fell 2.9% from a year earlier, adding a cautious signal on consumption.
🌍 Overall, the report leans slightly bearish for crude, but not enough to fully outweigh low Cushing stocks, tight distillate inventories and ongoing geopolitical risk.
#Oil $CL $NATGAS $BNB
🛢 EIA data showed U.S. commercial crude inventories rose by 4.4 million barrels in the week ended August 14 to 428.8 million barrels, compared with market expectations for a decline of around 1.6 million barrels. This also marked the third consecutive weekly build.
📉 However, Cushing inventories fell by 1.3 million barrels to 21.3 million, while distillate stocks declined by 1.5 million barrels and remained 13% below the five-year average, indicating continued tightness in parts of the supply chain.
🏭 Refinery utilization increased to 97.2%, while four-week average product demand fell 2.9% from a year earlier, adding a cautious signal on consumption.
🌍 Overall, the report leans slightly bearish for crude, but not enough to fully outweigh low Cushing stocks, tight distillate inventories and ongoing geopolitical risk.
#Oil $CL $NATGAS $BNB