The first week of October 2011, got some good news for the oil markets, as the choppy session ended on a higher note on October 7. The week saw oil gaining 4.8%, highest gain ever since early March. The job reports from the US which was far better than expected brought about this gain in an otherwise low trade, overall.
Italy along with Spain are two large economies in the Eurozone countries, and debt crisis if centers from them, has the potential to bring the euro down.
The Energy Department would receive a report regarding the crude oil supplies that fell by 300,000 barrels a week that ended on October 7, 2011. Analysts the world over also expect a rise in gasoline supplies, which is expected t be by 100,000 barrels; distillate stocks might fall by 600,000 barrels, and refinery utilization is expected to decrease by .63 percentage.
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Furthermore, the US Department of Energy has released a weekly inventory that refers to surprising build up of the stock piles of crude, which was on a declining trend for the past three weeks consecutively. Gasoline as well as distillate stocks too added to the stockpiles. This report is an essential tool that most investors across the world expect in order to help them understand the dynamics of supply and demand of oil products. It is also an important indicator of current oil prices, and the associated volatility that in turn affects the businesses of various companies that are engaged in the oil and refinery business.
The EIA report by the Federal Government revealed a report on crude and said that the inventories rose by 1.92 million barrels, for the week which ended in September 23, 2011. The preceding week however witnessed a drop that was largest.
On the contrary though, crude inventories at the Cushing terminal located in Oklahoma, which is the key delivery hub for the United States crude futures.
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