Crude Oil Storage Report - Jan. 6

[dan_s]

The U.S. Energy Information Administration said in its weekly report that crude oil inventories decreased by 5.1 million barrels in the week ended January 1. The American Petroleum Institute late Tuesday reported a supply fall of 5.6 million barrels.

So why are oil prices down today? >>> Gasoline inventories increased by 10.6 million barrels, compared to expectations for a gain of 2.3 million barrels, while distillate stockpiles rose by 6.3 million barrels.

Over the years I have noticed that storage reports around the holiday season are very "strange". There is a lot of "guesses" in these numbers.