Thursday, March 26, 2009

Crude Oil Inventories at 16 Year High

WSJ reports:

Crude oil futures ended lower Wednesday as U.S. inventories soared to 16-year highs, but they found support from a sharp drop in stockpiles at a key oil hub.

The federal Energy Information Administration reported that U.S. crude oil inventories jumped 3.3 million barrels to 356.6 million in the week ended March 20, more than double analysts' forecasts, to send stockpiles to the highest level since July 1993.

However, crude inventories at Nymex delivery point Cushing, Okla., were down 2.2 million barrels, while gasoline and distillate levels also fell much more than expected.

Source: EIA

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