Oil inventories materially less robust than projected

The Energy Information Administration (EIA) has issued its weekly oil inventories report for the week ending Friday, September 30. The EIA’s report is attached. Comparisons of the earlier and less-followed API report, projections for this week’s EIA report, and today’s EIA report are shown below. This report is “bullish” as inventories were materially less robust than projected.

   Weekly Oil Inventories Reports for the Week Ending Friday September 30, 2011

Million Barrels

API Report

Projections

EIA Report

Crude Oil

-3.1

2.0

-4.7

Gasoline

-5.0

0.8

-1.1

Distillate

-2.0

0.5

-0.7

Upon the EIA’s report release light crude oil was trading $78.12 per barrel, up $2.43 from
yesterday’s close for November. Natural gas for November …

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About JWM Energy Consultant
Professional Energy Consultant. I advise large energy-users on procurement strategies to reduce electricity and natural gas costs.

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