Strong US inventories surprise Nymex
by Brian Turner
The U.S. energy department released its weekly report on crude oil inventories on Wednesday with the news that crude stockpiles rose by 5.5 million barrels last week to 324.4 million barrels.
This was much more of an increase than had been expected, and was the tenth weekly increase in the past 11 weeks.
The rise was fueled by the import of 10.9 million barrels of crude oil per day, the third-highest weekly average in history.
The news sent crude oil futures, as well as gasoline and heating oil futures, down.
IPE Brent June deliveries fell $1.48 per barrel to $52.66 late in the day in London, and in early afternoon trading in New York June Nymex WTI was down $2 to $52.20 per barrel.
May Nymex unleaded gasoline was also down, 6.91 cents to $1.5560 per gallon and May Nymex heating oil fell 2.29 cents to $1.4850 per gallon.
Gasoline and distillate stockpiles were down by 300,000 barrels and 1.4 million barrels respectively, but the drop in crude oil prices still pulled their prices down.
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