Energy Information Administration Reports Decrease in Oil Stockpiles

Energy Information Administration released its report on Wednesday and disclosed decline of 3.4 million barrels in crude oil inventories for the week ending January 13th, 2012. Analysts were expecting the increase of 2.6 million barrels in the crude oil supplies. API on the other hand reported the decline of 4.8 million barrels in crude oil supplies a day earlier.

EIA also reported the increase of 3.7 million barrels in gasoline inventories which was much closer to analysts’ expected increase of 3 million barrels for the week. Distillates inventories which include, diesel and heating oil gained 400,000 barrels while analysts forecasted the increase of 1.4 million barrels.

EIA reported the decline of 87 billion cubic feet in natural gas supplies for the week ending January 13th, while analysts were expecting the decline of anywhere between 88 to 92 billion cubic feet. In the prior week EIA reported the decrease of 228 billion cubic feet.

Crude oil futures contract for February delivery fell 0.2 percent or $0.20 to settle at $100.39 per barrel on the New York Mercantile Exchange.

Among other commodities gasoline futures contract for February delivery fell 0.3 percent or $0.01 to settle at $2.82 per gallon while heating oil futures gained 0.8 percent or $0.2 to settle at $3.04 per gallon.

Natural gas futures for February delivery slipped 6.1 percent or $0.15 to settle at $2.32 per million British thermal units.

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