Crude inventory went up by 5.66 million barrel in the week to 426.88 million barrel, compared with expectations of a jump of 2.72 million barrel. Gasoline stocks shrank 4.54 million barrel, as against an expected decline of 1.20 million barrel.Distillate fuel stockpiles, which include diesel and heating oil, rose 1.49 million barrel, compared with expectations of a 1.2 million barrel drop. As a result, oil markets could see more competitive global oil trade in the near future. Saudi is keen to figure out a way to take advantage of higher oil prices by increasing production without inadvertently pushing prices lower. The non-commercial futures contracts of WTI Crude Oil futures totalled a net position of 686,507 contracts.

Source: Economic Times March 13, 2018 14:23 UTC