Oil Price - Dec 21

[dan_s]

This is why I tell you to ignore the week-to-week fluctuations in the EIA crude oil storage reports. Sometime they do not make any sense.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.3 million barrels in the week ended December 16. Market analysts' expected a crude-stock drop of 2.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply fall of 4.1 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 245,000 barrels last week, the EIA said.
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One thing to remembers is that at year-end refiners like to reduce inventories at their sites, leaving more oil up in Cushing, so they can avoid paying property taxes on it. Property taxes are much higher in Texas than they are in Oklahoma (as all of us who live here know).

[dan_s]

The EIA said crude inventories rose by 2.256 mn barrels after a drop of 2.563 mn barrels the previous week.
Crude inventories were forecast to fall by 2.515 mn barrels.
Gasoline stocks fell 1.309 mn barrels after a hike of 497,000 mn the previous week.
Gasoline inventories were expected to rise by 1.420 mn barrels.