U.S. Crude Oil Inventory Report - Jan 14

[dan_s]

CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/9/15)

Current: 387,782,000 bbls in U.S. Storage
Actual Build/(Withdrawal): 5,389
Economist Average Estimate: 1,750
Previous: 382,393,000

Crude Oil inventory level is high for this time of year.

Chart: http://www.oilandgas360.com/analytics/c ... d-26406629

I think EIA's latest Short Term Energy Outlook report released on January 13 was bullish: http://www.eia.gov/forecasts/steo/report/

[ChuckGeb]

Dan, I don't get it. Why is the current inventory build very bullish? Seems like it substantially exceeded expectations? Would you mind shedding some light.

[dan_s]

My bad, I thought it was a draw. I was out all day at a meeting and just now trying to figure out why oil prices are up so much today. It may be the EIA STEO report, which clearly indicates U.S. production is about to peak. I fixed the post.

[par_putt]

Understand Russia has cut off gas to Ukraine.

""Six countries reported a complete shut-off of Russian gas shipped via Ukraine today, in a sharp escalation of a struggle over energy that threatens Europe as winter sets in.
Bulgaria, Greece, Macedonia, Romania, Croatia and Turkey all reported a halt in gas shipments from Russia through Ukraine.
Croatia said it was temporarily reducing supplies to industrial customers while Bulgaria said it had enough gas for only 'for a few days' and was in a 'crisis situation'. ""

[setliff]

oil was up cause of short covering due to cl options expirations and demand numbers on eia were way up over whelming the inventory numbers---------

natty was up due to weather forecasts of new cold wave next week