Oil: DOE reports increase in crude inventories – TDS

Oil markets are holding steady despite the surprise increase in crude inventories reported by the U.S. Department of Energy (DOE), TDS analysts note.

Weaker demand and a large inventory weigh on prices

“Systematic flows have eased in WTI, but Brent crude could still see funds look to add +7% of their max historic position if prices can hold above $85.99/bbl.”

“Elsewhere, weaker demand statistics and a large inventory build in gasoline, bucking the typical seasonal pattern heading into summer driving season, has prompted Commodity Trading Advisors (CTAs) to turn heavy sellers in RBOB gasoline.”