September 30, 2021

EIA Data Frustrates Investors, This Has Effect On The Oil Market!

 Black gold traded mixed on Thursday after official government data showed an increase in U.S. crude oil inventories thus prompting the sale of the black commodity.

The US benchmark WTI traded positive in the European session hovering around $ 74.80 a barrel, while Brent crude traded slightly lower at $ 78.10 a barrel.

Both benchmarks posted a 0.6% decline on Wednesday after data from the Energy Information Administration (EIA) reported an increase in U.S. crude oil supplies of 4.6 million barrels last week.

Earlier, investors had seen a report from the American Petroleum Institute (API) which also featured an increase of 4.1 million barrels in the week ended Sept. 24.

The rise in U.S. stocks came as production in the Gulf of Mexico returned to the same level before Hurricane Ida hit about a month ago, rising to 11.1 million barrels a day last week.

Despite the decline, the black commodity trade was seen still holding around the highest level it reached earlier in the week.