According to the API:
Gas stocks down 2.8 million barrels vs last week - down 4.7 vs last yearDiesels down 3.0 million barrels vs last week - up 7.0 vs last year Crude up 7.2 million barrels vs last week - up 7.2 vs last year According to the DOE:
Gas down 2.7 million vs last week - down 11.7 vs last year Diesels down 3.4 million vs last week - up 2.4 vs last year Crude up 1.0 million vs last week - up 29.8 vs last year Summary:
In my opinion while we are eating into supplies somewhat, these are very good inventory reports when the fact that much of our supply is still offline. Most of our Diesel/Heating oil surplus is on the East coast (which is good news for bringing prices down) while most of the shortfalls are in the Midwest. Prices should fall short-term, but never underestimate the stupidity of speculators.
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