Up marginally from last Friday’s settlement
The price of crude oil is settling the day/week at $63.89. This time last week, the price of the crude settled at $63.08 (see report from last week).
The Baker Hughes report this week showed an increase in oil rigs of to act 833 from 831 last week.
Oil inventories were much higher than expected this week, but gasoline inventories were much lower. Below is the summary of the DOE inventory data released on Wednesday.
- Oil inventories, +7029K vs 2500K expected
- Gasoline -7710K vs -2150K expected
- Distillates -116K vs -1050K expected
- Refinery utilization +1.10% vs +1.00% expected
- Production 12.2mbpd vs 12.2mbpd prior