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Energy

U.S. Oil Stockspiles Increase More Than Expected

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By Douglas A. McIntyre Updated Published
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Today’s EIA Petroleum Status Report for last week shows oil inventories to have grown 1.8 million barrels.  Many analysts expected the number to have grown by 1 million barrels.  Oil futures were down ahead of the report, largely on the strength of the dollars.  

U.S. Oil Stock, January 1st 2009 through November 6th 2009

Oil Reserves

Weekly U.S Spot Prices, January 1st 2009 through October 30th 2009

U.S. Oil Spot Price 11

Oil prices have been on the rise since October.  This price movement have been supported by a number of factors.  Perhaps the strongest among them has been the decline in the dollar against the currencies of its major trading partners, as oil is denominated in dollars.  Since the beginning of October the dollar has declined over 2% against the Euro, enhancing European demand for oil.  Oil prices have also been given a boost by the recent G-20 meeting where economic policy markers from the worlds richest 20 countries indicated they would continue their fiscal and monetary stimulus.  Also, the IEA recently revised their projections for global oil demand, citing powerful growth in China.  

Garrett W. McIntyre

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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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