EIA reports a larger-than-expected rise in U.S. crude inventories, but the supply picture is not uniformly bearish
đą 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.
đ 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.
đ 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.
đ 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
đą 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.
đ 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.
đ 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.
đ 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