Petroleum Report: Potential Bottom in Oil as Support Holds

Hard Assets Investor submits: By Sumit Roy Price action signals that growth considerations dwarf IEA’s release of 60 mmbbl of oil from strategic petroleum reserves. The Department of Energy reported this morning that in the week ending July 1, 2011, U.S. crude oil inventories decreased by 0.9 million barrels, gasoline inventories decreased by 0.6 million barrels, distillate inventories decreased by 0.2 million barrels and total petroleum inventories increased by 0.5 million barrels.

Hard Assets Investor submits: By Sumit Roy The Department of Energy reported Wednesday morning that in the week ending May 6, 2011, U.S. crude oil inventories increased by 3.8 million barrels, gasoline inventories increased by 1.3 million barrels, distillate inventories decreased by 0.8 million barrels and total petroleum inventories increased by 6.4 million barrels.

Hard Assets Investor submits: By Sumit Roy The U.S. Department of Energy reported Wednesday that in the week ending May 20, 2011, U.S. crude oil inventories increased by 0.6 million barrels, while gasoline inventories increased by 3.8 million barrels, distillate inventories decreased by 2 million barrels and total petroleum inventories increased by 6.8 million barrels.

Hard Assets Investor submits: By Sumit Roy Inventory data was overshadowed by a surprise OPEC meeting, as the market eyes a huge supply gap in the third quarter. The U.S. Department of Energy reported that in the week ending June 3, 2011, U.S. crude oil inventories decreased by 4.8 million barrels, gasoline inventories increased by 2.2 million barrels, distillate inventories increased by 0.8 million barrels and total petroleum inventories increased by 1.5 million barrels.

Sumit Roy submits:The Department of Energy reported that in the week ending July 23, 2010, US crude oil inventories decreased by 2.8 million barrels, gasoline inventories increased by 0.7 million barrels, distillate inventories increased by 2.1 million barrels, and total petroleum inventories increased 6.1 million barrels. Total petroleum inventories are now above the year ago level and at 10-year highs, while gasoline and distillate inventories are at or near record seasonal levels.

Sumit Roy submits:InventoriesThe Department of Energy reported that in the week ending August 6th, 2010, U.S. crude oil decreased by 3.0 million barrels, gasoline inventories increased by 0.4 million barrels, distillate inventories increased by 3.5 million barrels, and total petroleum inventories increased by 0.1 million barrels. Inventories remain at 10-year highs, while product inventories maintain record seasonal levels.

Sumit Roy submits:The Department of Energy reported that in the week ending July 9, 2010, U.S. crude oil inventories decreased by 5.1 million barrels, gasoline inventories increased by 1.6 million barrels, distillate inventories increased by 2.9 million barrels, and total petroleum inventories increased 3.2 million barrels.

Sumit Roy submits:Inventories The Department of Energy reported that in the week ending July 2, 2010, U.S. crude oil inventories decreased by 5 million barrels, gasoline inventories increased by 1.3 million barrels, distillate inventories increased 0.3 million barrels, and total petroleum inventories increased 0.4 million barrels. While the storage figures look bullish on the surface, they are very much in line with the 5-year average.