Black gold not so golden these days; oil tanks filled to the brim

By FXStreet FXStreet (Barcelona) – As a guide for tomorrow’s EIA ( Energy Information Administration) numbers in tomorrow’s early US shift, the API (American Petroleum Institute) crude oil inventory data offered yet further reasons to be short the black gold.

The results were for the week ended January 29 and came as follows:

Crude inventories +3.8 mln bbls , Crude stocks at Cushing +141Kbbls, Gasoline inventories +6.6m bbls, Distillate up 400K bbls.

Post the data, March crude CLH6, -6.07% was at $29.70 a barrel in electronic trading, down from the $29.88. WTI had been as low as $29.56 from a high of $31.50 before closing at $29.67. the downside comes as markets were disappointed as expectations for cuts in crude output from major producers left the table and traders betting on yet further supply on today’s and tomorrow’s data.
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Source:: FX Street