Crude Bounces Back

Casey's Daily Resource Plus (07/16/2009)
"In the energy market, crude oil for August delivery climbed $2.02 from Tuesday to close at $61.54/barrel. August reformulated gasoline rose a little more than 6 cents to finish at $1.7081/gallon.

Increased demand from refiners, which triggered an unexpected drop in available supplies, pulled crude out of its three-day slump on Wednesday.

The volume of crude oil flowing to U.S. refineries rose to the highest level in almost a year, according to the Energy Information Administration's (EIA) weekly report on oil inventories.

The EIA's report also indicated that U.S. crude inventories fell 2.8 million barrels in the week ended Friday, July 10. Gasoline inventories rose 1.5 million barrels, while distillate stockpiles, which include diesel and heating oil, rose 600,000 barrels.

Analysts surveyed by Platts had expected a drop of 2.1 million barrels in crude, a gain of 1.6 million barrels in distillates and an increase of 750,000 barrels in gasoline.

The drawdown in crude inventories came as crude-oil inputs in U.S. refineries rose to 15.105 million barrels a day last week, the highest level since late August."

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