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Energy

Crude Builds Slowing? (OIL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

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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 gasoline stocks fell by 200,000 barrels to 212.4 million barrels.  Refinery capacity grew to 85.3% from 82.8% the week before.  The United States Oil (NYSE: USO) ETF rose on this data.

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

Contact [email protected] for any questions or corrections.

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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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