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Crude Pares Losses after EIA Report shows a surprise build

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The EIA crude inventory report delivered another surprising build of 2.21 million barrels last week.  Expectations were for a draw of 1 million barrels, with a wide range of estimates of a 3.7 million draw to a 3.0 million build.  Oil was already sharply lower going into the data and eventually extended losses.  Cushing accounted for 2.096 million barrels of the total build, confirming the API’s rise which saw the strongest gains since February.  The rise in Cushing is mainly being attributed to the Midwest flooding that disrupted many pipelines and refineries.

West Texas Intermediate Crude is tentatively finding support around the $52.00 a barrel level. The Canadian dollar remains little changed to the greenback on the day.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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