Crude supplies climbed by 800,000 barrels to 301.8 million for the week ended June 20, according to the Energy Department Wednesday. They had fallen a total of nearly 25 million in the last five weeks. Motor gasoline supplies fell 100,000 barrels to 208.8 million barrels.
Distillate stocks were up 2.8 million barrels at 119.4 million barrels. Refinery utilization was at 88.6% compared with 89.3% of capacity a week earlier. Following the news, August crude was last down $2 at $135 a barrel in New York.
Impact & Analysis
Market already registered a fall of more then $3 per barrel in NYMEX Crude Oil futures; a fresh buying can emerge as speculative buyers are still there in market. Technically these levels are good for buying.
Regards,
Kamlesh Jogi
Commodity Analyst
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