Crude Inches Higher
Posted on: Apr 9th, 2009 | By Doug Casey | Filed under Financial News
In the energy market on Wednesday, oil rebounded slightly, with crude for May delivery closing at $49.38/barrel, up 23 cents. May reformulated gasoline dropped just over 2 cents, to $1.4396/gallon.
In its weekly inventory report, the Energy Information Administration said that crude supplies rose 1.7 million barrels in the week ended April 3, which was lower than analysts’ expectations.
The EIA also reported that gasoline inventories rose 600,000 barrels while distillate stocks declined by 3.4 million barrels. Refineries operated at 81.8% capacity, up slightly from a week earlier.
“Crude stocks didn’t increase as much as anticipated but stocks remain well above the high end of the normal range,” said James Williams, of WTRG Economics..
“On the consumption side the U.S. is using less of everything … The data is a clear indicator that the recession has changed consumer behavior,” Williams added.
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