Weekly Oil Inventories Reports for the Week Ending Friday October 14, 2011

The Energy Information Administration (EIA) has issued its weekly oil inventories report for the week ending Friday, October 14.   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 October 14, 2011
Million Barrels API Report Projections EIA Report
Crude Oil -3.1 2 -4.7
Gasoline -1.6 -1 -3.3
Distillate -2.2 -1.2 -4.3

Upon the EIA’s report release, light crude oil was trading $89.13 per barrel, up $.79 from yesterday’s close for November. Natural gas for November was trading at $3.60 per MMBtu, up $.05 from yesterday’s close.

Analysts anticipate this week’s natural gas storage build from the EIA will show a build ranging from 100 Bcf to 131 Bcf, which will compare to a 58-Bcf five-year average injection and the 93-Bcf build recorded for the same week in 2010. This week’s storage injection will follow the 112-Bcf injection reported October 13 that brought working gas inventories to 3,521 Bcf, 56 Bcf less than last year and 68 Bcf above the five-year average of 3,453 Bcf

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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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Weekly Oil Inventory Report

Weekly Oil Inventory Report

Map from a Past Weekly Oil Inventory Report

My Weekly Oil Inventory Report is  a recital of the American Petroleum Institute and U.S. Energy Information Administration’s weekly oil inventory reports, comparison to expectations, and outlook for hydrocarbon prices.

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