Forex News: Crude Oil Inventory Watch: Surge in Imports Brings Inventories Near 10-Year Highs
July 29th, 2010 Posted in Market CommentsInventories
The Department of Energy reported that in the week ending July 23, 2010, US crude oil inventories increased by 7.3 million barrels, gasoline inventories were close to unchanged, distillate inventories increased by 0.9 million barrels, and total petroleum inventories increased 9.0 million barrels. The latest movements put all inventory components at or near record seasonal highs. Refinery utilization finally ticked lower, but gasoline production hit a new all-time high. More encouragingly, demand continues to rebound, with gasoline consumption at three-year highs.
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