Weiss Research analyst, Sean Brodrick, talks with Mark Shenk of Bloomberg.com about the increase in crude oil prices following the Energy Department’s announcement that U.S. gasoline stockpiles have dropped the most in 12 years.Â
Crude oil rose after a U.S. government report showed inventories of gasoline plunged the most in 12 years as demand climbed and refineries idled units.
Futures advanced 0.8 percent after the Energy Department said gasoline supplies dropped 7 million barrels to 209.7 million last week. Stockpiles were forecast to decline by 1 million barrels, according to the median of 17 analyst estimates in a Bloomberg News survey. Consumption of the fuel climbed the most in more than five months.
“The report today was very interesting because the draw in gasoline stocks was seven times bigger than what people expected,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “High prices haven’t had enough of an impact on demand to end the bullish trend.”
Crude oil for May delivery increased 86 cents to settle at …
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It is very interesting that a couple of months ago when gas prices were down the there was a lot of oil inventory. That the country was using less fuel. Now the inventory has dropped. What has changed overnight. It was my understanding that the President hasn’t decided to even use any inventory yet. If it was going to be used, that this would keep the price down to help the economy stablize? There are two answers….1 – the government has no idea what they are doing except throwing darts at the economy to see which works and or 2 – the oil companys are sticking it to the country becasue they know they control the economy and the country and not the government.
with the glut in natural gas supplies how long will it take or how high will the price of petrol or gasoline have to go before we turn to nat-gas uranium coal etc, and alternative energy, Its time to open the american reserves or the country will come to a grinding halt, no surprise china who is smart enough to do deals with Russia, has now a unlimited supply of oil and natural gas from that country and is building 45 new nuke reactors. Our leaders need to be hung drawn and quartered for letting this situation become so dire.