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
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