EIA Reports Surprise Increase in Crude Oil Stockpiles

Energy Information Administration released its weekly inventories report on Wednesday according to which crude oil inventories increased 4 million barrels for the week ended April 20th, 2012. Analysts on average expected the gain of 1.5 million barrels for the respective week.

Energy Information Administration also reported gasoline inventories according to which gasoline stockpiles fell 2.2 million barrels for the week as compared to analysts’ forecasted decline of 500,000 barrels.

Distillates supplies which include heating oil and diesel fell 3.1 million barrels while analysts projected the increase of 80,000 barrels for the week.

Crude oil futures also gained on the news that US Federal Reserve has no plans for further monetary easing as the moment. Crude oil futures contract for June delivery gained 0.6 percent or $0.57 to settle at $104.12 per barrel on the New York Mercantile Exchange.

Among other energy commodities, gasoline futures for May delivery fell 0.1 percent or $0.01 to settle at $3.16 per gallon while heating oil futures contract for the same month gained 1 percent or $0.03 to settle at $3.16 per gallon.

Natural gas futures contract for May delivery advanced 4.7 percent or $0.09 to settle at $2.07 per million British thermal units at NYMEX.

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