US Private Inventory Data (bbls): Crude +5.28mln(exp. +0.419mln), Distillate +4.34mln (exp. +0.129mln), Gasoline +8.23mln (exp. +0.242mln), Cushing +0.95mln (prev. +0.7mln)
Newsquawk Staff ·
US Private Inventory Data (bbls): Crude +5.28mln(exp. +0.419mln), Distillate +4.34mln (exp. +0.129mln), Gasoline +8.23mln (exp. +0.242mln), Cushing +0.95mln (prev. +0.7mln)
What it means
The substantial increase in U.S. private crude oil inventories, far exceeding expectations, indicates weakening demand or an oversupply situation. This could exert downward pressure on oil prices and influence market sentiment towards inflation, particularly in relation to energy costs.
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