Weekly EIA Oil Inventories Report: Draws in All Three Reported Commodities and Hydrocarbon Prices are Down‏

The Energy Information Administration (EIA) has issued its weekly oil inventories report for the week ending Friday, November 4, 2011.   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’s report release, light crude oil was trading $96.14 per barrel, down $.66 from yesterday’s close for December, largely on jitters from economic uncertainty in Europe. Natural gas for December was trading at $3.667 per MMBtu, down $.078 from yesterday’s close.

Analysts anticipate this week’s natural gas storage report from the EIA will show a net injection from as low as 17 Bcf to as high as 50 Bcf, with an early consensus around 26 to 33 Bcf. The data will compare against historical average builds including a 23-Bcf five-year-average injection and a build of 26 Bcf for the same week in 2010.

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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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