A private survey of oil inventories points to a headline crude build, contradicting the draw traders had priced in ahead of Wednesday's official US government data. Separately, Washington is offering up to 40 million barrels of crude oil from the Strategic Petroleum Reserve, with bids due October 6.
A privately surveyed reading of US oil stocks came in with a headline crude build, running counter to the draw of 1.14 million barrels traders had expected ahead of Wednesday's official government release. Ahead of that same release, traders had also expected distillate stocks to hold flat and gasoline inventories to fall 0.5 million barrels.
Traders now watch the official government inventory report due Wednesday morning US time to confirm or reverse the private survey's signal.
Separately, the US is offering up to 40 million barrels of crude oil from the Strategic Petroleum Reserve, with bids due October 6. The tranche represents the remaining volume from the roughly 172 million barrels the government announced back in March.
Source: Investinglive (snippet-based)
Trading involves risk.
Risk Disclaimer
