EIA Reports Minor Decline in Oil Inventories

The Energy Information Administration reported its official figures on crude oil inventories on Wednesday according to which crude oil supplies fell by 100,000 barrels for the week ending June 1st. Analysts were expecting a decrease of 1 million barrels in crude oil supplies for the respective week. Another trade group, the American Petroleum Institute reported the decline of 1.8 million barrels in crude oil inventories.

Gasoline stockpiles gained 3.3 million barrels while analysts expected the increase of 500,000 barrels for the week. Distillates inventories which include heating oil and diesel increased by 2.3 million barrels as compared to expected rise of 600,000 barrels by analysts.

Crude oil futures gained in reaction to decrease in supplies data as the crude oil futures contract for July delivery advanced 0.9 percent or $0.73 to settle at $85.02 per barrel on the New York Mercantile Exchange. The respective contract touched the intraday high of $86.27. Crude oil also gained on comments of ECB’s president Mario Draghi who indicated that monetary easing measures in the future. This actually resulted in a surge for the single currency while the greenback weakened. The dollar index DXY which tracks the US dollar’s performance versus its six major rivals fell to 82.303 on Wednesday as compared to 82.801 on Tuesday’s North American trading session.

Among other energy commodities, gasoline futures contract for July delivery gained 0.2 percent to $2.69 per gallon while heating oil futures for the same month delivery advanced 1.5 percent or $0.04 to settle at $2.67 per gallon.

Natural gas futures contract for July delivery fell 1 percent or $0.025 to $2.42 per million British thermal units.

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