Crude Declines On Stocks Data
Crude oil is close to penetrating the $40/barrel mark after data released by the US Energy Dept late yesterday showed stocks rising substantially more than anticipated.
The figures said that crude oil inventories rose 7.2 million barrels to 346.1 million barrels last week. Stocks were expected to be around 2.8-3.0 million barrels higher.
Supplies at Cushing, Oklahoma, where oil traded on NYMEX is stored, rose 2.5 percent to 34.3 million barrels, the highest on record.
In contrast, gasoline supplies rose 362,000 barrels to 220.2 million, less than the 600-800,000 anticipated.
The gap between front-month March and April crude has now widened to around $4/barrel, whereas on forward months it is less than a dollar. March is currently $40.41/barrel.
The figures said that crude oil inventories rose 7.2 million barrels to 346.1 million barrels last week. Stocks were expected to be around 2.8-3.0 million barrels higher.
Supplies at Cushing, Oklahoma, where oil traded on NYMEX is stored, rose 2.5 percent to 34.3 million barrels, the highest on record.
In contrast, gasoline supplies rose 362,000 barrels to 220.2 million, less than the 600-800,000 anticipated.
The gap between front-month March and April crude has now widened to around $4/barrel, whereas on forward months it is less than a dollar. March is currently $40.41/barrel.