http://www.marketwatch.com/story/oil-higher-pushes-toward-107-a-barrel-2011-04-13
SAN FRANCISCO (MarketWatch) â Crude-oil futures added to their advance Wednesday, recouping some of their recent steep losses, as a weekly government report showed supplies in line with expectations.
1/ Crude for May added $1, or 1%, to $107.26. That followed Tuesdayâs loss of 3.3%, marking oilâs lowest settlement in almost two weeks.
The Energy Information Administration said
-- U.S. supplies of crude increased 1.6 million barrels in the week ended April 8, as expected by analysts polled by Platts.
-- decrease for gasoline inventories of 7 million barrels.
-- Distillates supplies fell 2.7 million barrels.
Both figures showed deeper declines than forecast.
-- Analysts expected a decrease of 1.3 million for gasoline and unchanged stocks of distillates, which include diesel and heating oil.
- Crude futures had traded at $106.55 a barrel before the report.
- Gasoline for May delivery added 6 cents, May heating oilgained 3 cents, or 1%, to $3.21 a gallon.
2/ The reportâs âeye-openingâ number was unleaded gasoline, said Tariq Zahir, managing member of Tyche Capital Advisors in New York. The large draw was not entirely a surprise, as refiners are undergoing maintenance switching to summer gasoline blends, he added.
âThe fundamental picture on crude supplies remains bearish. ... Barring a new geopolitical headline, we feel any strength in the energy markets will be short lived,â Zahir added.
3/ On Tuesday, several economists lowered their estimates for first-quarter U.S. growth, and crude prices fell as investors feared reduced economic activity will translate into less need for oil.
In a short-term outlook report released Tuesday, <b>the EIA forecast retail gasoline prices to peak at $3.91 a gallon in early summer and average $3.86 a gallon during the driving season, which started April 1 and will end Sept. 30. Prices averaged $2.76 a gallon last summer.</b>
4/ The agency also projected a 0.5% increase in gasoline consumption compared with the previous summer. With the projected increase in gasoline prices, vehicle fueling costs for the average <b>U.S. household will be $825 higher this year than in 2010. </b>
( that is for 5 months APR - SEPT )
SAN FRANCISCO (MarketWatch) â Crude-oil futures added to their advance Wednesday, recouping some of their recent steep losses, as a weekly government report showed supplies in line with expectations.
1/ Crude for May added $1, or 1%, to $107.26. That followed Tuesdayâs loss of 3.3%, marking oilâs lowest settlement in almost two weeks.
The Energy Information Administration said
-- U.S. supplies of crude increased 1.6 million barrels in the week ended April 8, as expected by analysts polled by Platts.
-- decrease for gasoline inventories of 7 million barrels.
-- Distillates supplies fell 2.7 million barrels.
Both figures showed deeper declines than forecast.
-- Analysts expected a decrease of 1.3 million for gasoline and unchanged stocks of distillates, which include diesel and heating oil.
- Crude futures had traded at $106.55 a barrel before the report.
- Gasoline for May delivery added 6 cents, May heating oilgained 3 cents, or 1%, to $3.21 a gallon.
2/ The reportâs âeye-openingâ number was unleaded gasoline, said Tariq Zahir, managing member of Tyche Capital Advisors in New York. The large draw was not entirely a surprise, as refiners are undergoing maintenance switching to summer gasoline blends, he added.
âThe fundamental picture on crude supplies remains bearish. ... Barring a new geopolitical headline, we feel any strength in the energy markets will be short lived,â Zahir added.
3/ On Tuesday, several economists lowered their estimates for first-quarter U.S. growth, and crude prices fell as investors feared reduced economic activity will translate into less need for oil.
In a short-term outlook report released Tuesday, <b>the EIA forecast retail gasoline prices to peak at $3.91 a gallon in early summer and average $3.86 a gallon during the driving season, which started April 1 and will end Sept. 30. Prices averaged $2.76 a gallon last summer.</b>
4/ The agency also projected a 0.5% increase in gasoline consumption compared with the previous summer. With the projected increase in gasoline prices, vehicle fueling costs for the average <b>U.S. household will be $825 higher this year than in 2010. </b>
( that is for 5 months APR - SEPT )
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