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EIA says crude supply at highest since 1978

Daily newsbrief journal for May 2013, also see for a global compendium library and follow twitter @usdemocrats

EIA says crude supply at highest since 1978

Postby admin » Fri May 31, 2013 2:55 am

EIA says crude supply at highest since 1978
SAN FRANCISCO (MarketWatch) -- The U.S. Energy Department on Thursday reported that U.S. crude-oil supplies rose 3 million barrels for the week ended May 24, to 397.6 million barrels. That's their highest level since the EIA began collecting data in 1978. The increase was unexpected as analysts polled by Platts were looking for a 1.5 million-barrel decline but the American Petroleum Institute late Wednesday had reported a bigger 4.4 million-barrel increase in stockpiles. Gasoline supplies fell 1.5 million barrels, while distillate stockpiles rose 1.9 million barrels, the EIA said. Gasoline stockpiles were expected to fall by 800,000 barrels, while forecasts called for a decline of 600,000 barrels for distillates. Following the latest data, July crude traded at $92.54 a barrel, down 59 cents, or 0.6%. It was trading around $92.27 shortly before the report.
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