EIA Reports More Than Expected Increase in Supplies Data

Energy Information Administration released its figures on crude oil inventories on Wednesday reporting higher than expected increase in supplies data. As per report of EIA, crude oil stockpiles increased by 4.2 million barrels for the week ending January 27th, 2012 as compared to analysts expected increase of 3 million barrels for the week.

Gasoline inventories increased 3 million barrels as per the report of EIA while analysts expected the increase of 1 million barrels in gasoline supplies for the week. Distillates stockpiles which include diesel and heating oil fell by 100,000 barrels as compared to expected increase of 1 million barrels.

Further to put pressure on commodities, China’s economic data came out better than expectations creating more uncertainty among investors. Analysts from BNP Paribas commented, “This latest data at face value appear negative for prices. Yet, very positive data releases in manufacturing PMI data in China and the U.S. mitigate the impact of today’s U.S. storage data.”

Crude oil futures contract for March delivery fell 0.9 percent or $0.87 to settle at $97.61 per barrel on the New York Mercantile Exchange.

Gasoline futures contract for March delivery slightly gained by some fractions to $2.89 per gallon while heating oil for the same month delivery fell 0.2 percent or $0.01 to $3.05 per gallon. Natural gas futures for March also declined 4.8 percent or $0.12 to $2.38 per million British thermal units.

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