Oil prices were hit hard today after EIA data showed big builds in crude inventories. Crude stocks had a build of 4.1MM\/bbls, vs an expected build of 376K\/bbls. Gasoline and distillate stocks had a build of 2.57MM\/bbls and 2.32MM\/bbls respectively. Overall it was a bearish report as crude and fuel inventories touched their highest levels since 2021. “The market is reacting to the report that indicates there isn’t demand for crude oil or fuels,” said John Kilduff, partner at Again Capital LLC in New York. The Fed today hikes interest rates by 25bps (as expected) but left the door open for another hike in March. WTI traded down $2.46 or -3.1% to close at $76.41. Brent traded down $2.62 or -3.1% to close at $82.84.<\/p>\n\n\n\n
Oil prices were hit hard today after EIA data showed big builds in crude inventories.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n