BOTTOM LINE: Overall, these numbers are bullish for the energy complex. Normally, I would expect traders to sell the news, but with the oil ETF coming next week, this is unlikely.
Wednesday, March 29, 2006
Oil Supplies Rise
- The EIA reported crude oil inventories rose 2,030,000 barrels vs. estimates of a 950,000 barrel increase. Gasoline supplies fell 5,337,000 barrels vs. estimates of a 1,450,000 barrel decline. Distillate inventories fell 2,500,00 barrels vs. estimates of a 1,250,000 barrel decline. Refinery utilization rose 0.32% vs. estimates of a 0.5% rise.
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