Crude oil inventory gained 3.86 mmb, more than consensus of +2.5 mmb, to 370.6 mmb for the week ended April 17. Storage at Cushing, Oklahoma, rose for the first time in 4 weeks, by +0.31 mmb.
Considering refinery products, both gasloline and distillate stockpiles increased against market expectation of declines, probably due to contraction in demand.
WTI crude oil price plunges after briefly rising to 49.04 and near-term outlook turns bearish as hopes for demand recovery and tightening in oil market have burst
|Weekly change in inventory as of 17/04/09||Actual||Market Expectation||Previous|
|Crude oil||+3.86 mmb||+2.5 mmb||+5.67 mmb|
|Gasoline||+0.80 mmb||-0.7 mmb||-0.94 mmb|
|Distillate||+2.68 mmb||-1.0 mmb||-1.17 mmb|