EIA Reports Increase in Crude Oil Stockpiles

Energy Information Administration released its inventories data on Wednesday according to which crude oil supplies gained 1.8 million barrels for the week ending March 9th, 2012 while analysts forecasted the increase of 2.1 million barrels.

The EIA reported decrease of 1.4 million barrels in gasoline inventories while analysts expected the decline of 1.4 million barrels for the respective week. Distillates stockpiles which include heating oil and diesel declined 4.7 million barrels while analysts expected the decline of 1.5 million barrels for the week. EIA also gave its forecasts that crude oil global demand would increase by 0.9 percent in 2012. The agency forecasts the global demand of 89.9 million barrels per day in 2012. The report by EIA also reported that oil supply globally fell by 200,000 barrels per day in the month of February. The agency was also concerned about the crude oil outlook due to Iran’s situation which kept oil futures under pressure.

Crude oil futures contract for April delivery fell 1.2 percent or $1.28 to settle at $105.43 per barrel on the New York Mercantile Exchange. Analysts foresee the resistance level of $107 per barrel for crude oil.

Among other commodities, gasoline futures contract for April delivery declined 0.2 percent or $0.01 to settle at $3.35 per gallon while heating oil futures contract for the same month delivery fell 0.3 percent or 40.01 to settle at $3.26 per gallon.

Natural gas futures contract for April delivery also declined 0.7 percent or $0.02 to $2.28 per million British thermal units.


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