Crude Oil Build, Gasoline and Distillate Draws and Prices are Down‏

The Energy Information Administration (EIA) has issued its weekly oil inventories report for the week ending Friday, October 21.  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 “bearish” as crude oil inventories were greater than projected.

Upon the EIA’s report release, light crude oil was trading $92.16 per barrel, down $1.01 from yesterday’s close for December. Natural gas for November was trading at $3.631 per MMBtu, down $.027 from yesterday’s close.

Analysts anticipate this week’s natural gas storage build from the EIA will show a net build in the upper 80s billion cubic feet (Bcf.) The build will compare with a five-year average injection of 47 Bcf and a 74-Bcf injection reported for the same week in 2010.

Weekly Oil Inventories Reports for the Week Ending Friday October 21, 2011
Million Barrels API Report Projections EIA Report
Crude Oil
2.7 1.7 4.7
Gasoline 0.2 -2 -1.4
Distillate -1.8 -1.5 -4.3

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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