US crude inventories fell 564,000 barrels last week, less than the 1.2 million barrel decline analysts expected. Gasoline and distillate supplies also dropped.
Alpha Score of 35 reflects weak overall profile with moderate momentum, poor value, weak quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
US commercial crude oil inventories fell 564,000 barrels during the week ended July 10, according to estimates released Tuesday by the American Petroleum Institute.
The draw was smaller than the 1.2 million barrel decline analysts had expected, according to a Bloomberg survey. Cushing, Oklahoma, the delivery point for the NYMEX crude contract, saw inventories rise 1.2 million barrels.
Gasoline stockpiles dropped 2.9 million barrels, while distillate inventories, which include diesel and heating oil, fell 1.7 million barrels, the API reported.
The data comes ahead of the more closely watched Energy Information Administration report due Wednesday at 10:30 a.m. Eastern time. The EIA is expected to show a 1.1 million barrel decline in crude inventories, according to a Bloomberg survey.
Oil prices were little changed in post-settlement trading following the API release. West Texas Intermediate crude for August delivery settled at $74.83 a barrel on the New York Mercantile Exchange, down 12 cents on the session.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.