US crude stocks rose 1.9m barrels vs a 1.0m draw expected, driven by higher imports and weaker exports.
US crude stocks rose 1.9m barrels vs a 1.0m draw expected, driven by higher imports and weaker exports. However, gasoline (-4.6m) and distillate (-3.4m) draws signal firm demand, keeping the broader oil market backdrop supportive.
From data published Wednesday morning US time. Earlier: Commodity traders reap billions as Iran war drives oil market volatility (ps. its the job) Summary: Crude inventories rose +1.9m vs -1.0m expected Build driven by higher imports and weaker exports Gasoline (-4.6m) and distillates (-3.4m) show strong demand/tightness SPR fell -4.1m amid ongoing Middle East-related releases Production steady at 13.6mbpd; refinery runs slightly softer than expected US crude oil inventories unexpectedly increased last week, but the details of the report point to a more nuanced and supportive backdrop for oil markets, with refined fuel stocks tightening and demand holding steady. Data from the U.S.
Energy Information Administration showed commercial crude inventories rose by 1.9 million barrels to 465.7 million barrels in the week to April 17. This contrasted with expectations for a 1 million barrel draw, making the headline figure appear bearish at first glance. However, the build was largely driven by flow dynamics rather than a deterioration in underlying demand.