EIA Reports Increase of 3.6 Million Barrels in Crude Oil Stockpiles

Energy Information Administration reported increase of 3.6 million barrels in crude oil inventories on Wednesday while analysts forecasted the increase of 700,000 barrels in oil inventories for the week ending January 20th, 2012. Another trade group, API reported the increase of 7.3 million barrels in the crude oil stockpiles.

Gasoline inventories declined by 400,000 barrels as per EIA data as compared to API’s reported decline of 573,000 barrels while analysts expected the increase of 2.2 million barrels in gasoline supplies.

Distillate stockpiles which include diesel and heating oil fell by 2.5 million barrels which was in line with analysts expected decline of 2.5 million barrels.

Crude oil futures contract for March delivery gained 0.5 percent or $0.45 to $99.40 per barrel on Wednesday’s session of New York Mercantile Exchange.

Gasoline futures for February delivery advanced 1 percent or $0.029 to settle at $2.83 per gallon while heating oil for the same month delivery slightly gained by 0.2 percent to $3.02 per gallon. Natural gas’s February contract soared 6.9 percent or $0.0175 to settle at $2.73 per million British thermal units.

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