Current: Oil inventories +2.2 million barrels (now 449 million) – production rising!

The weekly reported oil inventories in the USA (crude oil) have just been released with 449 million barrels. This is an increase of 2.2 million barrels compared to the previous week. Expectations for the previous week were +1.6 million barrels.

Gasoline inventories were reported at 210.2 million barrels, an increase of 1.9 million barrels over the previous week. Expectations were -1.1 million barrels compared to the previous week.

Production was 12.8 million barrels per day compared to 12.6 million in the previous week.

API inventories released lately were reported at -0.5 million barrels of crude oil (expected +1.5). Petrol inventories increased by 2.3 million barrels according to the API. Distillates increased by 0.8 million barrels.

The oil price (WTI) reacted in the first moments after the announcement with -24 cents to 57.33 Dollars.

The build-up of inventories thus continues now for weeks. However, this is not taken into account in the large picture with falling prices.

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