US EIA Cushing Crude Oil Stocks Change (Feb/06) 1.071 (Prev. -0.743)
Newsquawk Staff ·
US EIA Cushing Crude Oil Stocks Change (Feb/06) 1.071 (Prev. -0.743)
What it means
The recent EIA report indicates a substantial increase in Cushing crude oil stocks, rising by 1.071 million barrels from a previous decline of 0.743 million. This shift could pressure WTI prices, suggesting that supply is outpacing demand expectations and could influence market sentiment around crude oil dynamics and inflation implications.
- [MARKET ANALYSIS] Oil prices rebounded after recent choppy price action amid mixed geopolitical headlines, while an inconclusive Israeli election adds to the uncertainty
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- Netanyahu’s Likud Party to be largest in Knesset, reports Channel 12 Exit Poll; no clear winner in Israeli election
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
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