Crude Oil Supplies Up by 2.8 Million Barrels, Reports EIA

Energy Information Administration released its inventories report on Wednesday according to which crude oil inventories surprisingly increased by 2.8 million barrels for the week as compared to analysts’ expected gain of 2.5 million barrels. Though the inventories data came in line with analysts’ expectations but what really concerned the market that total oil inventories figure reached 376 million barrels of oil which happens to be its highest level since September 1990.

The Energy Information Administration also reported its supplies data on gasoline inventories which fell by 2 million barrels while analysts expected the decrease of 1 million barrels for the week. Distillates inventories which include heating oil and diesel declined by 1.9 million barrels as compared to analysts expected decrease of 400,000 barrels.

Crude oil futures contract for June delivery declined 0.9 percent or $0.94 to settle at $105.22 per barrel on the New York Mercantile Exchange. A stronger greenback also kept commodities down as the ICE dollar index DXY which tracks the greenback’s movement versus its six major rival currencies gained to 79.167 on Wednesday as compared to 78.829 on Tuesday’s North American trading session.

Among other energy commodities, gasoline futures contract for June delivery fell 0.7 percent or $0.02 to settle at $3.08 per gallon while heating oil futures for the same month delivery dropped 1.1 percent or $0.03 to $3.14 per gallon.


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