Traders had plenty of questions ahead of this morning's weekly Petroleum Inventory report from the government. While analysts expected a repeat of recent big increases in crude oil stocks, the separate estimate out Tuesday afternoon from the American Petroleum Institute showed that trend reversing.
In the end, the government reported an even larger increase than analysts expected, finding stocks up 3.9 million barrels in the latest week. But while analysts expected products to be down, the API proved correct on that part of the guess. Today's reported showed gasoline supplies up 800,000 barrels, with distillates jumping a whopping 2.7 million barrels. Refineries, it seemed ramped up production of products, while crude imports continued to swell supplies.
Powered by iNet Solutions Group ©2011 All Rights Reserved.