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Wednesday, May 12, 2010

Oil Stocks Up... Prices Down...

WSJ reports:

U.S. crude inventories [increased] by more than twice the expected volume in the week ended May 7, according to data released Wednesday by the Energy information Administration unit of the U.S. Department of Energy.

Crude oil stockpiles rose 1.9 million barrels to 362.5 million barrels, compared with an average survey estimate of a rise of 800,000 barrels.

Refining capacity utilization fell by 1.2 percentage points to 88.4%. Analysts had
expected a 0.2 percentage point drop.
The relevance...

Inversed (to show the relationship)...

Source: EIA