EIA Reports Increase of 3.8 Million Barrels in Oil Stockpiles

Energy Information Administration released its inventories report on Wednesday according to which crude oil supplies jumped by 3.8 million barrels for the week ending August 24th, 2012. On the other hand American Petroleum Institute reported much higher increase in oil supplies a day earlier in its report. Analysts on average were expecting the decrease of 2 million barrels for the respective week.

The EIA also reported gasoline inventories which fell by 1.5 million barrels for the week as compared to expected decrease of 2 million barrels. Distillates inventories which include heating oil and diesel reported an increase of 900,000 barrels for the week while analysts forecasted the distillates stockpiles to remain the same.

Crude oil futures contract for October delivery slipped 0.9 percent or $0.84 to settle at $95.49 per barrel on the New York Mercantile Exchange.  Crude oil has remained lower consistently for last four sessions in reaction to aftermath of storm Isaac.

Investors were also concerned about the production shut down in Gulf of Mexico due to tropical storm. According to the statement of Bureau of Safety and Environmental Enforcement on Wednesday, almost 95 percent of daily oil production and 72 percent of natural gas production in the Gulf of Mexico has been halted.

Gasoline futures for September delivery fell 0.8 percent or $0.03 to settle at $3.10 per gallon while heating oil future contract for the same month slightly dropped by 0.2 percent to $3.10 per gallon.

Natural gas futures contract for September delivery jumped 0.8 percent or $0.02 to settle at $2.63 per million British thermal units.

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