The Department of Energy (DoE) showed in its weekly inventory report that there was a rise of 8.4 million barrels in crude oil stocks during the week ending January 22. Among a survey of analysts by the Wall Street Journal, the estimate among ten analysts was for a rise of 3.3 million barrels.
The DoE said that inventories continue to remain elevated near levels not typically seen at this time of year when looking back over the past 80 years.
Gasoline stockpiles rose by 3.5 million barrels, compared to average analyst expectations of 1.1 million barrels. Distillate fuel stock decreased by 4.1 million barrels, but remain at abnormally high levels for this time of year.
Following the release of the report WTI crude oil is experiencing a knee-jerk reaction higher by nearly 80c. It is currently priced at $31.48 per barrel, +2.72%. A week ago today it traded down to $27.53, the worst levels seen in 13-years.
Written by Paul Rosenberg, analyst for www.EconomicCalendar.com
Original Source: http://www.economiccalendar.com/2016/01/27/doe-crude-oil-inventories-climb-by-over-8-million-barrels/
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