BREAKING: EIA’s crude oil inventories decline more than expected

A few moments ago investors were offered The Energy Information Administration’s (EIA) report. The weekly data showed that crude oil inventories declined even more than expected. Gasoline inventories fell more or less in line with forecasts while distillate inventory showed much larger decline. The exact results were as follows:

  • Crude Oil Inventories: -3818k (vs expected: -3400k)

  • Gasoline Inventories: -1626k (vs expected: -1400k)

  • Distillate Inventory: -7240k (vs expected: -1950k)

OIL.WTI prices went slightly up shortly after the announcement. Looking at H1 time frame, WTI has remained in local consolidation recently. The area at $39.1 is key support level while the $42.30 level might be regarded as a resistance area. Source: xStation5

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Morning wrap (27.10.2020)
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