Oil inventories on the rise: EIA
U.S. commercial crude oil inventories rose more than analysts expected last week, climbing 2.5 million barrels compared to the previous week, the U.S. Energy Information Administration said Wednesday.
MarketWatch reports that analysts polled by Platts expected a rise of 1.2 million barrels.
“At 352.0 million barrels, U.S. crude oil inventories are above the upper boundary of the average range for this time of year,” said the EIA.
Meanwhile, total motor gasoline inventories decreased by one million barrels, distillate fuel inventories increased by 0.8 million barrels, and propane/propylene inventories increased by 0.5 million barrels in the week ending August 7.
Total commercial petroleum inventories increased by 1.1 million barrels last week, and are above the upper limit of the average range for this time of year, noted the EIA.
After the numbers were released, oil climbed 1.6% or $1.11 to $70.53.
On the Horizons BetaPro NYMEX Natural Gas Bull Plus ETF Bullboard, posters weighed in on the oil inventory numbers’ effect on natural gas prices, including stockguy0, who said: “This is the crazy anything goes world we live in. Oil #'s come in, oil falls a bit and natty gets slammed. Oil then recovers to its previous (before 10:30am's report) highs, but natty continues to fall[sic]”…
While irrationalex added: “yes, oil numbers did nothing good for NG........”
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