Crude Oil Supplies Gain 3.8 Million Barrels; Reports Energy Information Administration

Energy Information Administration released its report on Wednesday according to which crude oil inventories jumped 3.8 million barrels for the week ending April 13th, 2012. Analysts were expecting the increase of 400,000 barrels in crude oil supplies for the respective week.

Gasoline stockpiles fell 3.7 million barrels as compared to analysts’ forecasted increase of 140,000 barrels for the week. EIA reported the decline of 2.9 million barrels in distillates inventories which includes diesel and heating oil. Analysts expected the distillates supplies to remain flat for the respective week.

Crude oil fell in reaction to surprise increase in oil inventories data. Crude oil futures contract for May delivery fell 1.5 percent or $1.53 to settle at $102.67 per barrel on the New York Mercantile Exchange.

Among other energy commodities, gasoline futures contract for May delivery fell 1 percent or $0.03 to settle at $3.20 per gallon while heating oil futures contract for May delivery fell 0.3 percent or $0.01 to settle at $3.12 per gallon.

Energy commodities were down on perception that global oil markets are oversupplied. Saudi Arabia also reported its record production which further lowered the demand of the crude oil.

Natural gas futures contract for May delivery remained flat at $1.951 per million British thermal units.

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