UPDATE: And the numbers are in!
CRUDE: The EIA reports that crude oil stockpiles rose by 3.8 million barrels. That’s higher than the pre-announcement estimate of 2.5 million barrels, much higher than the whisper number going around after the API reported a draw-down in crude yesterday, and that has to be the most oil we have in storage since September 1990.
GASOLINE: Analysts were looking for a decline of 700,000 barrels, instead we got a build of 800,000 barrels.
DISTILLATES: A build of 2.7 million barrels, a huge swing from estimates of a decline of 1 million barrels.
What does it all mean? Tune in to CNN Radio today or read Bloomberg News and I’ll give more thoughts. Please feel free to leave your thoughts in the comments.
One thing I would add: Today, Frontline, one of the world’s biggest independent oil tanker owners, said that oil companies were storing close to 100 million barrels of crude oil at sea – the highest in recent times, or any times that I can think of. That’s up from 50-60 million barrels three months ago.
What do you think is happening to that oil?
Best,
Sean
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{ 2 comments… read them below or add one }
Great blog today, Sean. Thanks so much for your continuing good work keeping us up to date and in the know.
Brian, thank you for reading and being so complimentary. Be sure to tell my bosses, LOL.