EIA Reports Increase of 2.2 Million Barrels in Crude Oil Supplies

Energy Information Administration released its inventories data on Thursday according to which US crude oil inventories increased by 2.2 million barrels for the week ending May 25th, 2012. Analysts were expecting a gain of 100,000 barrels in the crude oil inventories while another trade group American Petroleum Institute reported the decrease of 353,000 barrels for the respective week.

Gasoline stockpiles were dropped by 800,000 barrels while analysts expected the gasoline supplies to remain flat for the week. Distillates supplies which include heating oil and diesel fell 1.7 million barrels as compared to expected increase of 150,000 barrels by analysts on average.

The EIA also reported natural gas inventories data which increased by 71 billion cubic feet for the week ending May 25th as compared to forecasted increase of 67 billion to 71 billion cubic feet. Natural gas stockpiles currently stand at 2.815 trillion cubic feet reporting a gain of 732 billion cubic feet compared to last year.

Crude oil futures contract for July delivery declined 1.5 percent or $1.29 to settle at $86.53 per barrel on the New York Mercantile Exchange. Crude oil futures have declined 17 percent in the month of May which happens to be worst monthly performance since December 2008. London’s Brent crude also fell 1.6 percent or $1.60 to settle at $101.87 per barrel on the ICE Futures Exchange. The benchmark Brent has declined 15 percent in the month of May.

Among other energy commodities, gasoline futures contract for June delivery declined 1.2 percent or $0.03 to $2.83 per gallon while the respective contract was down 11 percent for the month. Heating oil futures contract for the same month slipped 1.2 percent or $0.03 to settle at $2.71 per gallon while for the month was down by 15 percent.

Natural gas futures contract for July delivery remained unchanged at 42.42 per million British thermal units while it has gained 6 percent in the month of May.

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