EIA Reports Increase In Crude Oil Inventories

Energy Information Administration released its report on crude oil inventories on Thursday according to which crude oil supplies gained by 1.6 million barrels for the week ending February 17th, 2012. Analysts on average forecasted the increase of 1.7 million barrels in crude oil supplies for the respective week.

EIA reported decrease of 600,000 barrels in gasoline inventories as compared to analysts’ expected decrease of 450,000 barrels for the week. Distillate inventories which include heating oil and diesel fell 200,000 barrels while analysts projected the decrease of 1.8 million barrels.

EIA also reported its data on natural gas supplies which fell 166 billion cubic feet while analysts expected the decline within the range of 160 to 164 billion cubic feet for the week.

In reaction to the supplies data the crude oil futures contract for April delivery gained 1.5 percent or $1.55 to settle at $107.83 per barrel on the New York Mercantile Exchange.

A weaker greenback also helped boosting the oil prices as the dollar index DXY which measures the US dollar’s movement versus its six major rival currencies declined to 78.681 on Thursday as compared to 79.207 on Wednesday’s North American trading session.

Among other commodities, gasoline futures contract for March delivery advanced 0.8 percent to $3.11 per gallon. Heating oil futures for March delivery surged 0.7 percent or $0.02 to $3.29 per gallon.

Natural gas futures for March delivery declined 0.8 percent or $0.02 to $2.62 per million British thermal units on NYMEX.


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