Crude Falls First Day in Six
Jul 23rd, 2009 | By Doug Casey | Category: Oil Investment & Alternative EnergyIn the energy market, crude oil for September delivery [the new front-month contract] fell 21 cents from Tuesday to close at $65.40/barrel. August reformulated gasoline rose 2.63 cents to finish at $1.8383/gallon.
Crude oil inventories fell by 1.8 million barrels last week, the EIA reported yesterday. Gasoline inventories rose by 800,000 barrels and distillate stockpiles, which include diesel and heating oil, increased by 1.2 million barrels.
Analysts surveyed by energy-information provider Platts had expected a decline of 2 million barrels for crude stockpiles. They also had forecast increases of 800,000 barrels for gasoline and of 1.4 million barrels for distillates.
While refiners used less crude in their production, oil imports fell by 346,000 barrels a day last week, resulting in a drop in crude inventories. Refinery inputs averaged 14.8 million barrels a day, down 300,000 barrels from a week ago. Utilization rate stood at 85.8%.
Total petroleum products supplied, an implied gauge of consumption, rose to 18.917 million barrels a day last week, up 0.3% from a week ago. Consumption was still nearly 1 million barrels a day lower compared with a year ago.
Crude oil inventories at Cushing, Okla., the delivery point for Nymex oil futures, stayed unchanged at 30.8 million barrels.
“EIA numbers have been very similar, as the last few weeks saw a slight draw in crude and a build in products,” said Tariq Zahir, managing member at Tyche Capital Advisors.
“With inventories at multi-year highs and OPEC members not abiding to quotas, crude definitely could come off rather abruptly, barring any political events or weather related issues,” he added.
Source: Crude Falls First Day in Six
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.