Breaking: U.S. Oil Inventories Rose by 9M Barrels Vs. 10.6M Expected - EIA
Investing.com
Published Apr 29, 2020 10:24AM ET
Updated Apr 29, 2020 10:36AM ET
By Kim Khan
Investing.com - Stockpiles of U.S. crude rose less than expected last week and well below the recent trend, the Energy Information Administration reported Wednesday, while gasoline inventories showed a surprise drop.
Oil inventories rose by 9 million barrels for the week ended April 24, the EIA said. That compared with expectations for a build of about 10.6 million barrels, according to forecasts compiled by Investing.com.
It’s down from an average of a build of about 16 million barrels in the past few weeks.
Gasoline inventories unexpectedly sank by 3.7 million barrels, versus forecasts for a rise of about 2.5 million barrels. Distillate stockpiles rose by 5.1 million barrels, compared with expectations for a build of about 3.6 million barrels.
WTI futures jumped by 25%.
They were up more than 24% in early trading ahead of the report, following the enthusiasm in equities on clinical trial progress for a treatment for Covid-19.
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