Energy Information Administration Reports Increase in Supply Data

Energy Information Administration released its report on crude oil inventories on Wednesday according to which crude oil stockpiles increased by 300,000 barrels for the week ending February 3rd, 2012 while another trade group American Petroleum Institute reported the decrease of 4.5 million barrels in the crude oil inventories. Analysts were expecting the supplies to increase by 2.25 million barrels.

Crude oil futures remained suppressed in the reaction to supply data released by EIA as investors were hoping for substantial increase in supplies data after the reports of API and forecasts of analysts. Crude oil futures contract for March delivery slightly gained 0.3 percent or $0.30 to $98.71 per barrel on the New York Mercantile Exchange on Wednesday. The respective contract touched its intraday high of $100.09 per barrel.

EIA also reported the increase of 1.6 million barrels in gasoline stockpiles for the respective week while analysts were expecting the increase of 1.25 million barrels. Distillates supplies which include heating oil and diesel gained to 1.2 million barrels as compared to analysts expected decrease of 200,000 barrels.

Gasoline futures for March delivery jumped 1.6 percent or $0.05 to settle at $2.98 per gallon while heating oil for the same month slightly gained to $3.19 per gallon.

US dollar also gained which further made commodities less attractive. The dollar index DXY which tracks the greenback’s movement advanced to 78.601 on Wednesday as compared to 78.552 on Tuesday’s North American trading session.

Natural gas futures for March delivery fell 1 percent or $0.02 to $2.45 per million British thermal units on NYMEX.

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