The International Energy Agency reported good news about supplies. Global oil inventories were boosted by as much as 1.2 million barrels a day in the first quarter as production from members of the Organization of Petroleum Exporting Countries ran ahead of demand by more than a million barrels a day, and Saudi Arabia and China stockpiled oil, the IEA said in its monthly market report, MarketWatch writes.
The data should help press crude prices lower– a direction in which they have largely been moving in the last several weeks. WTI crude is currently just below $103 compared to nearly $110 six weeks ago. While there is not a direct correlation between oil and gas prices, there is a loose one. Regular gas prices, which were predicted to reach $4 on average in the US this summer, may never get there.