Oil & Energies According to Wednesday’s EIA report, the nation’s crude oil supplies unexpectedly increased by 400,000 barrels to 364.6 million barrels, an upturn of 0.1 percent, which is 2.4 percent lower than last year’s levels. Analysts called for a 3 million barrel draw. Gasoline supplies also rose unexpectedly last week – adding 800,000 barrels to reach 223.5 million barrels compared to forecasts for a 1.5 million barrel decline. Supplies stand 7.5 percent higher year-on-year. Distillates made a surprise decline – dropping by 500,000 barrels to 126 million barrels versus analysts’ forecasts for a build of 800,000 barrels. Natural gas storage grew slightly more than anticipated last week – rising 59 billion cubic feet to 2.845 trillion cubic feet. Forecasts called for an increase of 54 billion to 58 billion cubic feet. Supplies are 11.5 percent lower year-on-year and 1.2 percent below the 5-year average.
Posted on: Sun, 04 Aug 2013 11:28:12 +0000
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