Oil Supplies Crude inventories at Cushing, the largest U.S. oil-storage hub, fell by 1.83 million barrels to 34.8 million in the week ended Aug. 30, according to the Energy Information Administration. That’s the lowest level since February 2012. Stockpiles nationwide declined by 1.84 million, compared with a median drop of 2 million estimated by analysts in a Bloomberg News survey. Gasoline stockpiles decreased by 1.83 million barrels, said the EIA, the Energy Department’s statistical unit. They were forecast to shrink 700,000 barrels, the survey showed. Distillate inventories, a category that includes heating oil and diesel, increase by 549,000 barrels, compared with a projected 600,000 barrel advance. WTI may rise next week on the prospect of a U.S. attack on Syria, improving economic data and reduced stockpiles, a separate Bloomberg survey shows. Sixteen of 36 analysts and traders, or 44 percent, forecast crude will climb through Sept. 13. Fifteen respondents predicted a slide and five said there will be no change. Last week, 43 percent in the survey estimated futures will increase.
Posted on: Fri, 06 Sep 2013 07:59:10 +0000
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