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***Top stories from the last 15 days
Crude Oil Report Crude Oil Report: WTI Sinks As US Output Hits 12-Year High And Surplus Highest Since 2010, But Brent Holds- Written by Sumit Roy |
- April 04, 2012
Crude Oil Report: WTI Sinks As US Output Hits 12-Year High And Surplus Highest Since 2010, But Brent Holds
- Details
A host of bearish data pressures the crude oil market.
The Department of Energy reported this morning that in the week ending March 30, U.S. crude oil inventories increased by 9 million barrels, gasoline inventories decreased by 1.5 million barrels, distillate inventories were basically unchanged and total petroleum inventories increased by 12.4 million barrels.
Crude oil prices fell sharply after the release of the latest inventory figures, with Brent last trading near $123, while WTI traded near $102.
Inventories in the U.S. are now almost 55 million barrels, or 5.4 percent, above the five-year average. That’s the largest surplus since December 2010.
While much of the increase has taken place in the landlocked Midwest region of the United States, stocks outside the region are now growing rapidly as well.
Crude inventories excluding the Midwest have climbed back to the five-year average after holding below that level for several months.
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