Oil turns lower after EIA inventory report *PIC*

Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

Forum Policy

Return to Index

TFC Commodity Trading Forum

Oil turns lower after EIA inventory report (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- Crude-oil futures turned red Thursday after an inventory report showed a higher-than-expected increase in oil supplies. Crude for July delivery (cln11) declined 72 cents, or 0.8%, to $99.52 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported an increase of 2.9 million barrels of oil in the week ended May 27. Analysts polled by Platts had expected a decrease around 1.9 million barrels. The EIA also reported an increase of 2.6 million barrels for gasoline inventories, and a decrease of 1 million for stockpiles of distillates. The analysts surveyed by Platts had expected gasoline inventories to rise 1.2 million barrels and distillates to decline 550,000 barrels.

Forum Policy

Return to Index