London, Wednesday, 26 April 2023
According to statistics from the EIA Petroleum Status Report, US crude oil inventories dropped by 5.054 million barrels in the week ending April 21st, 2023, the most in a month and more than double the market expectation of 1.486 million barrels.
While this was happening, oil stocks at the Cushing, Oklahoma delivery hub increased by 0.319 million barrels, marking the first time since the week of February 24 that there had been an increase, while petrol inventories decreased by 2.408 million, much exceeding the forecast of 0.933 million.
Stockpiles of distillates, such as diesel and heating oil, also decreased by 0.576 million barrels, contrary to expectations for a decrease of 0.839 million barrels.
(Written and edited by: The Decision Maker - Banking & Finance and Energy editors in London and New York)