US weekly EIA crude oil inventories +13833k, but the price is stuck at $20 for now
US weekly EIA crude oil inventories +13833k vs +3300k expected
- Prior was +1623K
- Gasoline +7524K vs +1200K exp
- Distillates -2194K vs +1000K exp
- Refinery utilization -5.0% vs -1.0% exp
- Production 13.0 mbpd vs 13.0 mbpd prior
API yesterday:
- Oil +10485K
- Cushing +2926K
- Gasoline +6058K
- Distillates -4458K
The price of crude oil is firmly held at aprox $20 and it looks like bad news like this one today can’t affect the price any more. Is that the sign of possible recovery? I would’t bet on that, not while demand is on such a low levels caused by Corona virus lockdown all over the World. For now, oil still remains in the hands of the bears. On the other hand, $20 could be an important psychological level for buyers.
Forex Trader 