Increase of 2.8 Million Barrels in Oil Supplies: EIA Reports

The Energy Information Administration released its inventories data on Wednesday according to which crude oil stockpiles increased by 2.8 million barrels for the week ending April 6th, 2012. Analysts on average expected the increase of 1.8 million barrels for the respective week.

The EIA reported decrease of 4.3 million barrels in gasoline inventories as compared to expected decline of 1.25 million barrels. Distillates inventories which include diesel and heating oil fell by 4 million barrels for the week while the analyst expected the gain of 200,000 barrels.

The crude oil futures contract for May delivery gained 1.7 percent or $1.68 to settle at $102.70 per barrel on the New York Mercantile Exchange. Energy commodities got a boost from the better than expected quarterly results of Alcoa Inc which resulted in gain for oil after three consecutive bearish sessions. Crude oil was also supported by higher stocks and weaker greenback as the ICE dollar index DXY which traded the greenback’s movement declined to 79.765 on Wednesday as compared to 79.875 on Tuesday’s late North American trading session.

Among other energy commodities, gasoline futures contract for May delivery gained $0.05 to settle at $3.30 per gallon while heating oil futures contract for the same month delivery advanced $0.02 to settle at $3.11 per gallon.

Natural gas futures contract for May delivery fell 2.3 percent or $0.05 to settle at $1.98 per million British thermal units. Natural gas has declined 6.7 percent in the current month while has plunged 34 percent for the year till now.


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