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Energy

Repeat of Oil Inventory Trends (USO, OIL)

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By Douglas A. McIntyre Updated Published

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The weekly oil inventories data came out of the U.S. Department of Energy at 10:30 AM EST this morning.  Crude Oil was already down under $62.00 on global economic worries, and now WTI Crude is down -$1.44 at $61.49 per barrel.  The United States Oil (NYSE: USO)  and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) are chasing the level of black gold.  The data came out as follows:

  • Weekly inventories of crude came in at -2.9 million barrels to 347.3 million barrels; estimates were close to -2.1 million barrels.
  • Weekly inventories of gasoline came in at +1.9 million barrels to 213.1 million barrels.
  • Weekly inventories of distillates came in at +3.7 million barrels to 158.7 million barrels.
  • US Refineries also ran at 86.8% capacity, down from 87% last week.

This is the second week we are seeing a drop in crude, but a build in gasoline. This was also one of the busiest driving weeks historically and it still seems that much of the draw-down from crude was added up in the gains in gasoline.  We have discussed this notion ahead of time with energy traders, and the issue of this being the sole issue is one that is easy to debate.

The United States Oil (NYSE: USO) is down 1.45% at $33.32 and the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) is nowdown 1.3% at $21.95.

JON C. OGG
JULY 8, 2009

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About the Author Douglas A. McIntyre →

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.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

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.

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