Wednesday, July 22, 2009

Oil inventories slip but gasoline rises

US commercial crude oil inventories fell 1.8 million barrels from the previous week. At 342.7 million barrels, the EIA said crude oil inventories are above the upper boundary of the average range for this time of year.

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Total gasoline inventories increased by 800,000 barrels last week and are near the upper limit of the average range.

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Not much to say about today’s report from the Energy Information Administration. There’s plenty of oil in storage and gasoline supplies are more than adequate.

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