SAN FRANCISCO (MarketWatch) -- Crude-oil supplies climbed more than expected for the week ended Feb. 15, according to data from the American Petroleum Institute issued late Wednesday. Crude supplies rose by 3 million barrels. Analysts polled by Platts were looking for a 2 million-barrel climb. Gasoline inventories were down 122,000 barrels, while distillate stockpiles fell 1.6 million barrels, the trade group said. Analysts forecast a 1.4 million-barrel decline each for gasoline and distillate supplies. The API data come ahead of the more closely watched U.S. Energy Information Administration report due Thursday. Both reports were delayed this week due to Monday's holiday. Ahead of the API report, April crude /quotes/zigman/2291772 CLJ3 -2.34% settled at $95.22 a barrel, down 1.9%.
Refinery capacity. There hasn't been a single refinery built since Bill Clinton. Demand keeps rising but supply does not. Another reason is because energy is traded in global markets in US dollars. Lets say oil is trading for 100.00 a barrel. Lets say it cost 2.00 dollars to buy a British pound and 1.50 to buy euro. While we here in the US pay 100.00 dollars a barrel, the UK only pay 50.00 a barrel and the euopeans pay 75.00 a barrel.....
If you mean gasoline inventory dropping 122,000 is peanuts, if inventory in gasoline dropped over a million then thats different. Even gasoline futures dropped, also UGA dropped over a dollar today. RBOB Gasoline
By Myra P. Saefong and Michael Kitchen, MarketWatch
SAN FRANCISCO (MarketWatch) — Oil futures dropped Wednesday after a large block of trades in the market fostered speculation that a commodity fund was forced to liquidate ahead of the expiration of the March futures contracts.
Traders also weighed talk that Saudi Arabia may boost oil production and a report that the United Nations may make an offer to Iran to resolve the dispute over the country’s nuclear program. Weekly data on petroleum inventories was on tap for late Wednesday and early Thursday.
For oil, “it seemed to be a mass exodus,” said Phil Flynn, senior market analyst at Price Futures Group. Contract expiration “coupled with talks of a deal with Iran and rumors of a hedge fund liquidation caused all bulls to run for cover.”
This is my source of information wheres yours to back up what you stated?