Inventories
The Department of Energy reported that in the week ending July 16, 2010, U.S. crude oil inventories increased by 0.4 million barrels, gasoline inventories increased by 1.1 million barrels, distillate inventories increased by 3.9 million barrels, and total petroleum inventories increased 5.1 million barrels. While crude oil inventories finally managed to reverse some of the steep withdrawals of the past two weeks, product inventories added to their steep builds on the back of ever-increasing refinery utilization, which reached 91.5%, the highest level since August of 2007. Crude oil prices were up about $0.30 preceding the DOE report, but proceeded to sell off after the release.
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[Source: DailyFX Forex Market News]
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