Weekly EIA Oil Inventories Report: Gasoline Build, Oil and Distillate Draws, and Prices are Mixed‏

The Energy Information Administration (EIA) has issued its weekly oil inventories report for the week ending Friday, October 28. 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 most inventories were materially less robust than projected.

Upon the EIA report release, light crude oil was trading $93.02 per barrel, up $.83 from yesterday’s close for December.   Natural gas for December was trading at $3.77 per MMBtu, down $.01 from yesterday’s close.

Analysts anticipate this week’s natural gas storage report from the EIA will show a build ranged from 59 Bcf to as much as 75 Bcf, compared to a 35-Bcf five year-average injection and a 67-Bcf build in the same week in 2010.

Weekly Oil Inventories Reports for the Week Ending Friday October 28, 2011
Million Barrels API Report Projections EIA Report
Crude Oil
-0.2 0.9 -1.8
Gasoline -1.1 -1.8 1.4
Distillate -3.4 -1 -3.6
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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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