Crude Builds Slowing? (OIL)
The weekly oil inventories are still building by the Department of Energy’s count. Last week we saw a build of 600,000 barrels of crude to 375.3 million barrels and distillates grew by 2.4 million barrels to 146.5 million barrels. But…
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Refineries increased capacity more than expected, and the build in crude was also lower than expected. We had estimates in the vicinity of inventories being up 2 million or more in crude, although that is a compiled number that may not be as representative as other consensus numbers.
These inventory levels are hovering at more than near multi-year highs. Now that refineries have juiced up production ahead of the traditionally higher-demand summer season, there could at least be some argument that those crude inventories could get worked off a bit. It may just depend entirely upon how demand destruction is still in place and how many rigs keep shutting down.
United States Oil (NYSE: USO) is up 3% at $31.06 after being around $30.85 before the news was coming out.
Jon C. Ogg
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
