Oil Inventories Surged Unexpectedly

Oil Inventories Surged Unexpectedly

Wednesday, April 21, 2010

After a week of draw, oil inventory resumed the uptrend and gained +1.89 mmb to 355.9 mmb in the week ended April 16. The market had anticipated a draw of -0.3 mmb. Gasoline and distillate stockpiles also surged, by +3.58 mmb and +2.1 mmb, respectively. The set of data was disappointing and indicated US energy market remained fragile.

Decline in WTI crude oil price accelerated after the report. Currently trading at 83.4, the front-month contract erased all gains made yesterday. It will probably record a loss today. Heating oil and gasoline also pared gains and traded close to yesterday's settlement prices. Continue Reading ... Oil N' Gold Focus Reports

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