Oil stocks are falling but contrary to expectations

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Oil stocks are falling but contrary to expectations

At 4:30 PM the markets learned about the US EIA report on oil stocks in the local market. After an increase of nearly 3.3 million barrels of stocks last week, a fall of 2.739m barrels was assumed before the publication.

As the EIA stated, the crude oil stocks are down by 1.661m barrels contrary to the expectations of the analysts, who forecasted the decline of as much as 2.739 million barrels.

On the other hand, gasoline stocks were assumed to decrease by 0.457 million barrels but as it turned out the expectations also did not match the reality and gasoline stocks increased by less than 2.1m barrels.

The disappointed expectations of the markets regarding the above stock data led to a drop in black gold prices and further falls may lead to a lower consolidation margin at the level of 43.30

 

 

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