The Department of Energy has just released its weekly oil inventories. As this is the summer driving season, we saw a drop in crude and a build in gasoline inventories. The United States Oil (NYSE: USO) and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) were both higher ahead of the report.
Weekly inventories of crude came in at -2.8 million barrels to 344.48 million barrels; Weekly inventories of gasoline came in at +1.4 million barrels to 214.5 million barrels; Weekly inventories of distillates came in at 553,000 barrels to 159.29 million barrels; US Refineries also ran at 87.9% capacity, down from 86.8% last week.
The United States Oil (NYSE: USO) is up 2.1% at $32.80. The iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) is up 2.6% at $21.58.
Immediately before this report, T. Boone Pickens called June the highest outflow of cash for foreign oil in 2009. Of course, that coincides with the highest oil prices of 2009, but he noted that we sent roughly $24.7 billion to foreign governments in June after sending $21.6 billion in May.
Jon C. Ogg
July 15, 2009
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
