Energy
Crude Inventories Dampen Energy Prices (USO, OIL)
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The weekly data from the Department of Energy is showing some gains in crude oil again and some weaker-than- expected gasoline draws. Weekly crude oil inventories went up by 1.67 million barrels to 349.1 million, while we were expecting a gain of only about 500,000 to 600,000 barrels. The drop in gasoline inventories came to -218,000 to 212.85 million barrels, We were expecting a draw down by another -1 million barrels.
The distillates came in at -1.136 million to 161.48 million barrels.
Refining capacity came in down another 0.1% at 84.5%. That is a tad better than the Dow Jones estimates projecting 84.2%, but we expect this number to continue sliding south based on all of the refinery earnings and what the integrated oil companies have been saying about refineries.
The United States Oil (NYSE: USO) ETF is down 1.3% at $37.45 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 1.3% at $24.71. NYMEX WTI Crude is down $1.00 per barrel at $70.42 after the report.
JON C. OGG
August 5, 2009
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