Rising inventory is a sign of fundamental weakness
a) U.S. crude oil inventories increased by 6.1 million barrels in the week ending Jan. 16, the U.S. Energy Information Administration said Thursday.
b) Crude inventories rose from 326.6 million barrels to 332.7 million barrels, during the week, an indication that production is exceeding demand.
c) Gasoline inventories increased by 6.5 million barrels to 220 million barrels, while supplies of distillate fuels, which includes heating oil, rose by 0.8 million barrels to 145 million barrels.
d) Finished gasoline and gasoline blending components inventories also rose during the week, EIA reported.
b) Crude inventories rose from 326.6 million barrels to 332.7 million barrels, during the week, an indication that production is exceeding demand.
c) Gasoline inventories increased by 6.5 million barrels to 220 million barrels, while supplies of distillate fuels, which includes heating oil, rose by 0.8 million barrels to 145 million barrels.
d) Finished gasoline and gasoline blending components inventories also rose during the week, EIA reported.
Technical
Downtrend maintains for oil chart. Failure to go above $45 will result in lower oil price.
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