SAN FRANCISCO (MarketWatch) -- The U.S. Energy Information Administration on Wednesday reported that U.S. crude-oil supplies dropped by 10.3 million barrels for the week ended June 28. Analysts polled by Platts were looking for a 3-million-barrel decline. The American Petroleum Institute late Tuesday reported a drop of more than 9 million barrels in stockpiles. Gasoline supplies also declined by 1.7 million barrels, while distillate stockpiles fell 2.4 million barrels, the EIA said. Gasoline stockpiles were expected to rise by 1 million barrels, while forecasts called for an increase of 1.3 million barrels for distillates. Following the latest data, August crude /quotes/zigman/2291781 CLQ3 +1.61% traded at $101.66 a barrel, up $2.06, or 2.1%. It was trading around $101.40 shortly before the report.
No matter how you want to package it, Oil should not be trading even in the
high $90's less along the $100's. Oil prices are suppose to average around
$92bbl for 2013/14 says EIA When could easily a $10 drop from todays oil prices.