Casey’s Daily Resource Plus 04/23/2009
Posted on Friday, April 24th, 2009 | In Energy Markets“In the energy market on Wednesday, crude for June delivery inched higher, closing at $48.85/barrel, up 30 cents. May reformulated gasoline fell 2.38 cents, to $1.3906/gallon.
In its weekly inventory report, the Energy Information Administration said that crude stocks rose 3.7 million barrels, about 25% more than expectations. They’re currently at the highest levels in nearly 19 years.
In addition, the EIA reported gasoline supplies rose by 800,000 barrels, while distillates were up 2.7 million barrels. Analysts had been predicting declines in both. Refineries were operating at 83.4% of capacity vs. 80.4% a week earlier.
The EIA also said that total demand for petroleum products in the past four weeks fell 6.5% from a year ago. Gasoline demand fell 0.4% while distillate consumption slumped 9.4%.
‘This [government] data is too bearish for the market to ignore. If this doesn’t chase the bulls back into the barn, there is little that will,’ said James Williams, of WTRG Economics.”
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