Wednesday, November 02, 2005

Oil Supplies Rise Above Estimates

Posted by Gary .....at 10:37 AM
- The EIA just reported that crude inventories rose 2.73M barrels versus estimates of a 2.5M barrel rise. Gasoline inventories rose 1.03M barrels versus estimates of a 700K barrel rise. Distillate supplies fell 159K barrels versus estimates of a 1M barrel fall. Refinery Utilization rose 1.76% versus estimates of a 2.28% gain.

BOTTOM LINE: This data is once again bearish for the energy complex, however oil is up slightly on the report.

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