Market Analytics and Considerations
Key Notes
According to the Energy Information Administration’s (EIA) weekly inventory released on Thursday, last week’s draw on distillates was substantially bigger than anticipated while crude oil inventories increased by almost 47percentage points more than anticipated.
Contrary to predictions, crude stocks increased by 1.694 million barrels over the week ending December 30, based on the EIA. The week preceding December 23 saw a rise in crude balances of 718,000 barrels.
In terms of distillates, 1.427M barrels were depleted the other week, exceeding predictions for a reduction of only 396,000 barrels. Distillate stockpiles decreased by 282,000 barrels over the previous week.
Compared to the expected drawdown of 486,000 barrels, gasoline stockpiles dipped by 346,000 barrels. The stocks of gasoline decreased by 3.105 M barrels over the preceding week.
