Oil Extends Drop After U.S. Supplies Increase to 22-Year High

[Purveyor]

Source: Bloomberg

By Mark Shenk on May 23, 2012

Crude oil futures extended declines after the U.S. Energy Department said stockpiles rose to a 22- year high.

Supplies climbed 883,000 barrels to 382.5 million barrels. Inventories were forecast to gain 1.65 million barrels, according to the median of 12 analyst estimates in a Bloomberg News survey.

Gasoline inventories fell 3.3 million barrels to 201 million last week, the Energy Department said today. Stockpiles were forecast to slip 650,000 barrels, according to the median of 12 analyst estimates in a Bloomberg News survey.

Distillate supplies, which include heating oil and diesel, fell 309,000 barrels to 119.5 million. Stockpiles were estimated to decrease 500,000 barrels.



Read more: http://www.businessweek.com/news/2012-05-23/oil-extends-drop-after-u-dot-s-dot-supplies-increase-to-22-year-high

[villager]

1. Not in California, apparently, where the scam/shell game continues apace...

n/t

[Purveyor]

2. Our mid-michigan prices tried to go up yesterday .30 to 3.89 but I noticed a few stations

aren't joining in...yet.

[thelordofhell]

3. The price will drop like a rock.........after Memorial Day

Gotta gouge those drivers for the holiday weekend!!

[dmosh42]

4. Probably the reason for Morgan Stanley disaster...biggest holder and speculator on oil..

[Myrina]

5. ... $3.50/gal in Central IN yesterday ... $3.90 today ...

... why? Well, those Indy 500 tourists are starting to trickle into town.

Coinkydink??

[the_chinuk]

6. And, on the upper left coast

… prices remain above $4 at most corner gas stations, and the oilcos moan about refineries they can't get up and running.

(eye roll).

[SnakeEyes]

7. lol

We all know this story is complete BS since US supply increases cannot affect the price because its still only a fraction of production. We've made it clear for the last 12 years when the Republicans tried that drill here crap.

[Andy823]

8. Supply and demand

Oil companies close down refineries to cut "SUPPLY", or they make up reasons supplies are supposed to be down, then they "DEMAND" higher prices for fuel at the pumps.

It's called highway robbery, and they are damned good at it!