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Via oilprice.com:While the headline and distillates showed smaller builds than expected the gasoline build was much greater. –Expectations I had seen centred on:Headline crude +2.39 mn barrelsDistillates +1.75 mn bblsGasoline +1.55 mn—This data point is from a privately-conducted survey by the American Petroleum Institute (API).It’s a survey of oil storage facilities and companiesThe official government inventory report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API— There are plenty of moving parts in oil markets right now, including a resurfacing of tensions amongst ostensible close allies:Oil traders note – Saudi airstrikes in Yemen expose escalating tensions with UAEFrom yesterday:Saudi Arabia said it carried out strikes targeting weapons depots linked to the Southern Transitional Council (STC), a UAE-backed southern separatist faction seeking to restore an independent South Yemen along pre-1990 borders. According to Saudi officials, the weapons were delivered via two ships from Fujairah port in UAE, a claim that sharply escalates the political significance of the operation. Any visible rupture between Riyadh and Abu Dhabi introduces a new layer of uncertainty for energy markets. Both countries sit at the heart of global oil supply chains, and rising intra-Gulf tensions risk inflating geopolitical risk premiums, particularly if disputes spill into maritime chokepoints or shipping logistics.For now, the confrontation remains indirect.
This article was written by Eamonn Sheridan at investinglive.com.
💡 DMK Insight
Gasoline inventories are rising faster than expected, and here’s why that matters: The recent API report shows a significant gasoline build of 1.55 million barrels, which is well above market expectations. This could indicate weaker demand or oversupply in the gasoline market, potentially leading to downward pressure on crude oil prices. Traders should keep an eye on how this impacts correlated assets like SOL, currently at $126.13, as energy prices often influence broader market sentiment. If crude prices start to drop due to these inventory builds, we might see a ripple effect across various sectors, including cryptocurrencies, as risk appetite shifts. On the flip side, if gasoline demand rebounds unexpectedly, it could stabilize crude prices and support SOL. Watch for key levels in crude oil; a break below recent support could trigger further selling pressure. Keep an eye on the upcoming EIA report for confirmation of these trends, as it could provide more clarity on market direction.
📮 Takeaway
Monitor crude oil’s support levels closely; a break could impact SOL’s price action significantly in the coming days.
