US EIA Crude Oil Stocks Change (Mar/13) 6.156M vs exp. -0.58M (prev. 3.824M)
Newsquawk Staff ·
US EIA Crude Oil Stocks Change (Mar/13) 6.156M vs exp. -0.58M (prev. 3.824M)
What it means
The latest US EIA crude oil stock data revealed a much larger than expected build, with stocks increasing by 6.156 million barrels compared to the anticipated decline of 0.58 million. This substantial gain in inventories could indicate weaker demand or oversupply concerns, potentially weighing on oil prices and influencing market expectations for energy sectors and inflation dynamics.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- EIA Expectations: Crude +0.35M, Distillate -0.63M, Gasoline -1M
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- Ukrainian President Zelensky says negotiations between Ukraine, Russia and the US could take place as early as November 10th
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
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