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Energy

Oil Inventories Show Mixed Demand (USO, OIL)

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By Douglas A. McIntyre Updated Published
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oil wellThe 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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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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