Wednesday, April 13, 2016

"Oil turns positive after mixed US crude stocks report"

Front futures $42.02 down 15 cents after bouncing around since the report.
From Reuters via CNBC:
Oil seesawed following mixed U.S. government data that showed a bigger-than-expected build in crude stockpiles, rising gasoline demand, and falling oil production.

Prices had been lower on Wednesday on concerns that a producer meeting on Sunday to discuss freezing output will do little to trim oversupply.

Futures initially held losses after the Energy Information Administration reported U.S. crude inventories increased by 6.6 million barrels, bringing the total in storage to 536.5 million barrels in the previous week.

The report exceeded an earlier industry print that showed a build of 6.2 million barrels, an increase more than three times higher than analyst expectations.

Meanwhile, gasoline inventories fell by 4.2 million barrels last week, according to EIA. Weekly crude production fell below 9 million barrels per day for the first time since late 2014....MORE
Here's the EIA's Weekly Petroleum Status Report