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Old 05-04-2014, 09:42 AM   #1
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Default U.S. Crude Oil Inventories Hit 31-Year High

U.S. crude oil supplies increased 3.5 million barrels (0.9%) for the week ending April 18, according to an Energy Information Administration report (link opens a PDF) released today. That puts inventories at a three-decade high.

After soaring 2.6% the week before, this latest report marks yet another inventories uptick. According to EIA data, crude oil inventories haven't been this high since August 1982 – more than 31 years ago. Overall inventories have expanded 2.3% in the past 12 months.



Source: eia.gov.

Gasoline inventories fell 0.3 million barrels (0.1%) in the most recent week after dipping 0.2 million barrels the week before. Demand for motor gasoline over the last four-week period is up a seasonally adjusted 1.8%. In the last year, supplies have dropped 3.6%.

Over the past week, retail gasoline pump prices increased $0.03 to $3.683 per gallon on average.


Source: eia.gov.

Distillates supplies, which include diesel and heating oil, edged up 0.6 million barrels (0.5%) for the fourth increase in five weeks. Distillates demand for the last four weeks is up a seasonally adjusted 5.2%. In the past year, distillates inventories have declined 2.6%.


Source: eia.gov


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Old 05-04-2014, 10:03 AM   #2
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Hedge Funds Wager on U.S. Gasoline Gains as Exports Rise:

.U.S. Exports of U.S. gasoline were 35 percent above the five-year average in 2013 and are forecast to climb further in 2014
...

Surging demand for U.S. gasoline from Latin America and Africa, coupled with refinery maintenance, is spurring speculators to bet that prices will keep rising after reaching a nine-month high.

Money managers boosted net-long positions by 3.8 percent in the week ended April 22 to the highest level in more than a year, the U.S. Commodity Futures Trading Commission said. Long positions reached a 14-month high.

Exports of U.S. gasoline were 35 percent above the five-year average in 2013 and are forecast to climb further in 2014 as refinery outages and rising consumption boosts shipments to Brazil, Colombia and Nigeria. Unplanned repairs at U.S. plants threaten to lower production already reduced by seasonal work.
...

Source:

http://www.businessweek.com/news/201...ts-rise-energy

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