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PD Moderator	Message Posted: Jul 21, 2010 9:38:56 AM Ignore PD Report Abuse The Department of Energy released its weekly report on the condition of petroleum inventories in the United States today. Here are some highlights: Crude oil inventories increased by 0.4 million barrels to a total of 353.5 million barrels. At 353.5 million barrels, inventories are 10.8 million barrels above last year (3.1%) and remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma increased some 1,000,000 barrels to 37.1 million barrels this week. Supplies at Cushing have increased for the second time in a month, and are approaching record territory once again. Gasoline inventories increased 1.1 million barrels to 222.2 million barrels. At 222.2 million barrels, inventories are now 6.8 million... Visit GasBuddy Blog for full article

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Message Posted: Jul 21, 2010 9:38:56 AM

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The Department of Energy released its weekly report on the condition of petroleum inventories in the United States today.

Here are some highlights:

Crude oil inventories increased by 0.4 million barrels to a total of 353.5 million barrels. At 353.5 million barrels, inventories are 10.8 million barrels above last year (3.1%) and remain above average. Supply at NYMEX delivery point, Cushing, Oklahoma increased some 1,000,000 barrels to 37.1 million barrels this week. Supplies at Cushing have increased for the second time in a month, and are approaching record territory once again.

Gasoline inventories increased 1.1 million barrels to 222.2 million barrels. At 222.2 million barrels, inventories are now 6.8 million...

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WhiteTreeIndian Champion Author New Jersey Posts:5,659 Points:1,123,085 Joined:Dec 2009	Message Posted: Jul 22, 2010 7:34:03 AM Ignore WhiteTreeIndian Report Abuse If gas is down, that's better, it's usually the other way around.
FuelBarge Champion Author Long Island Posts:9,205 Points:2,077,265 Joined:Aug 2005	Message Posted: Jul 22, 2010 6:00:28 AM Ignore FuelBarge Report Abuse Crude is up but gasoline is down. Go figure that one out. I will be curious to see what happens after Labor Day.
genef01 Champion Author Nashville Posts:2,611 Points:834,680 Joined:Jul 2008	Message Posted: Jul 22, 2010 1:09:09 AM Ignore genef01 Report Abuse Thanks again, Patrick for your work translating "government double speak" in to something that makes sense to most of us.
regasaz Champion Author Phoenix Posts:5,775 Points:1,282,380 Joined:Dec 2006	Message Posted: Jul 22, 2010 12:41:45 AM Ignore regasaz Report Abuse More wasted payer money for this weekly report.
urban_dweller Champion Author Orlando Posts:1,829 Points:72,465 Joined:May 2006	Message Posted: Jul 22, 2010 12:21:08 AM Ignore urban_dweller Report Abuse Wow, 4 pages of mental midgets proudly displaying their complete ignorance of the causes of inventory build-ups. The crude futures markets are in contango, and have been for many months. The arbitragers are buying physical crude on the spot market [so much for methaneman's moronic remark: "Should make the speculators take delivery of the oil"; they ARE taking delivery!] and storing it, and at the same time, selling forward that physical crude in the futures market at a higher price, thus guaranteeing themselves a nice profit [after brokerage fees, storage fees,etc]. This stored crude shows up in the weekly reports as "inventory", but it's not available to the refineries, as it's already under contract for delivery many months into the future. THAT'S why it's not really "supply" as used in so many of the mental midget's posts. Get it now?
Bus936 Champion Author Lexington Posts:16,449 Points:3,220,980 Joined:May 2004	Message Posted: Jul 21, 2010 11:43:11 PM Ignore Bus936 Report Abuse Big deal, who really cares?
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Jul 21, 2010 11:38:56 PM Ignore 96sc1 Report Abuse Speculation and government interference are types of demand
TheSicilian Champion Author Jacksonville Posts:5,384 Points:1,470,725 Joined:Feb 2009	Message Posted: Jul 21, 2010 11:35:13 PM Ignore TheSicilian Report Abuse once again supply and demand are over ridden by speculation and government interference
Rageagainsttm Champion Author Tampa Posts:8,308 Points:1,903,955 Joined:Jul 2007	Message Posted: Jul 21, 2010 11:33:25 PM Ignore Rageagainsttm Report Abuse Keep your inventories and your high prices.
TBONE3 Champion Author Pennsylvania Posts:8,751 Points:1,977,625 Joined:Mar 2005	Message Posted: Jul 21, 2010 11:27:27 PM Ignore TBONE3 Report Abuse I just LOVE reading all these financial, inventory and production NUMBERS. NOT!!!!!!!!!
LoneGuy Champion Author Lansing Posts:8,485 Points:2,318,970 Joined:Aug 2005	Message Posted: Jul 21, 2010 11:21:52 PM Ignore LoneGuy Report Abuse It appears they are trying to sell into a depressed economy. Likely a result of the long term unemployed. We haven't seen prices to reflect the high supply level in mid Michigan.
idigau22 Champion Author Washington Posts:23,417 Points:3,202,960 Joined:Apr 2003	Message Posted: Jul 21, 2010 11:17:59 PM Ignore idigau22 Report Abuse Zzzzzzzzzzzzzzzzzzzzzzz!!!
amearly Champion Author Michigan Posts:12,124 Points:2,468,585 Joined:Jan 2006	Message Posted: Jul 21, 2010 11:17:24 PM Ignore amearly Report Abuse And than again the prices continue to go up even when supply is up and unemployment is high.
uptherefiners Champion Author Chicago Posts:5,048 Points:1,002,000 Joined:Jun 2006	Message Posted: Jul 21, 2010 11:12:43 PM Ignore uptherefiners Report Abuse yawn roll over snore
Bigwaynef Champion Author South Carolina Posts:11,480 Points:2,081,735 Joined:Dec 2006	Message Posted: Jul 21, 2010 11:09:33 PM Ignore Bigwaynef Report Abuse Hmmm, so this is what "diddly squat" means...
Blue_Cruzer Champion Author Lexington Posts:7,525 Points:1,670,560 Joined:Mar 2007	Message Posted: Jul 21, 2010 11:07:32 PM Ignore Blue_Cruzer Report Abuse Ho hum, another DOE report.
cheapertvs Champion Author Richmond Posts:10,290 Points:2,742,695 Joined:Jan 2004	Message Posted: Jul 21, 2010 11:07:13 PM Ignore cheapertvs Report Abuse And prices again do not reflect the inventory conditions.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Jul 21, 2010 11:06:25 PM Ignore CobraLeader Report Abuse ... What, me worry? ...
Bezalel Champion Author Oklahoma City Posts:12,103 Points:2,291,795 Joined:Oct 2006	Message Posted: Jul 21, 2010 11:06:14 PM Ignore Bezalel Report Abuse No pump price drops here.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jul 21, 2010 11:04:32 PM Ignore tedjm1 Report Abuse And nothing at the pumps.
GasholeMI Champion Author Lansing Posts:10,144 Points:1,719,265 Joined:Jul 2008	Message Posted: Jul 21, 2010 11:03:54 PM Ignore GasholeMI Report Abuse Seems like this would drive down the price at the pump.
SBlouch Champion Author San Antonio Posts:8,735 Points:1,860,240 Joined:Apr 2007	Message Posted: Jul 21, 2010 11:00:17 PM Ignore SBlouch Report Abuse Nothing like getting the weekly DOE Report to keep us up to date.
mstearno Champion Author Dayton Posts:8,075 Points:1,733,165 Joined:Jan 2008	Message Posted: Jul 21, 2010 10:45:24 PM Ignore mstearno Report Abuse DOE reports are worth waiting for
TRAIN RIDER Champion Author San Bernardino Posts:9,087 Points:2,758,795 Joined:Oct 2004	Message Posted: Jul 21, 2010 10:43:45 PM Ignore TRAIN RIDER Report Abuse NORMALLY ONE GOES UP AND THE OTHER DOWN. OK BOTH WENT UP.
RENEGADEGAS Champion Author Missouri Posts:14,918 Points:1,592,200 Joined:Jul 2008	Message Posted: Jul 21, 2010 10:43:28 PM Ignore RENEGADEGAS Report Abuse Whatever.
skybiker Champion Author South Carolina Posts:7,303 Points:1,560,490 Joined:Jul 2008	Message Posted: Jul 21, 2010 10:38:46 PM Ignore skybiker Report Abuse Means nothing...supply and demand are overridden by hysteria....
heysailor Champion Author Pittsburgh Posts:9,592 Points:2,334,620 Joined:Mar 2006	Message Posted: Jul 21, 2010 10:24:30 PM Ignore heysailor Report Abuse Same old, same old
judgemobile Champion Author Ohio Posts:7,575 Points:2,446,110 Joined:Nov 2005	Message Posted: Jul 21, 2010 10:24:11 PM Ignore judgemobile Report Abuse crude supplies ? UP; gasoline supplies ? UP; distillate supplies ? UP...so why are prices also UP ? because supply and demand mean nothing, and greed and speculation mean everything.
Doumars Veteran Author Ontario Posts:307 Points:243,440 Joined:Jan 2010	Message Posted: Jul 21, 2010 10:23:26 PM Ignore Doumars Report Abuse And the point of this article is what
Sody33 Champion Author Las Vegas Posts:15,946 Points:1,870,860 Joined:Oct 2005	Message Posted: Jul 21, 2010 10:22:02 PM Ignore Sody33 Report Abuse And the summers get hotter and hotter (weather) because the environment is all screwed up and has messed up the climate. Just expect more of the same. We are going to have to mutate in a gigantic hurry to just survive.
Lukus Champion Author Halifax Posts:8,289 Points:1,676,350 Joined:Nov 2007	Message Posted: Jul 21, 2010 10:17:05 PM Ignore Lukus Report Abuse Inventories are up so we should expect prices to drop a bit.
Doc7696 All-Star Author Montana Posts:804 Points:268,885 Joined:Oct 2009	Message Posted: Jul 21, 2010 10:13:57 PM Ignore Doc7696 Report Abuse Yep
camel1 Champion Author Minnesota Posts:8,275 Points:2,267,590 Joined:Jul 2006	Message Posted: Jul 21, 2010 10:11:23 PM Ignore camel1 Report Abuse More of the same info.
mvosevich Champion Author St. Louis Posts:5,489 Points:1,115,410 Joined:Aug 2004	Message Posted: Jul 21, 2010 10:10:39 PM Ignore mvosevich Report Abuse Is this useful information?
Hugo40 Champion Author Kentucky Posts:7,634 Points:1,618,955 Joined:Aug 2008	Message Posted: Jul 21, 2010 10:09:25 PM Ignore Hugo40 Report Abuse Another government agency's report...
must87searcher Champion Author Maryland Posts:8,987 Points:1,781,425 Joined:Apr 2008	Message Posted: Jul 21, 2010 10:08:47 PM Ignore must87searcher Report Abuse If the supply of oil is so plentifull, then why has the price of gas not gone down very much compared to the time when oil was short? There has to be some missing data in this!
Motodometer Sophomore Author Washington Posts:166 Points:260,595 Joined:Mar 2009	Message Posted: Jul 21, 2010 10:07:29 PM Ignore Motodometer Report Abuse and those are the HIGHlights :(
ByGuy Champion Author Dallas Posts:7,853 Points:1,709,240 Joined:Nov 2005	Message Posted: Jul 21, 2010 10:07:25 PM Ignore ByGuy Report Abuse What does DOE know?
Italianman Champion Author Twin Cities Posts:2,007 Points:1,146,170 Joined:Feb 2008	Message Posted: Jul 21, 2010 10:05:07 PM Ignore Italianman Report Abuse Let's all start riding bikes and walking.
OGW Champion Author London Posts:5,329 Points:1,532,975 Joined:Sep 2005	Message Posted: Jul 21, 2010 10:02:05 PM Ignore OGW Report Abuse If these dumb reports actually mean anything then why is the price of gasoline not dropping sharply?
urban_dweller Champion Author Orlando Posts:1,829 Points:72,465 Joined:May 2006	Message Posted: Jul 21, 2010 9:58:49 PM Ignore urban_dweller Report Abuse Wow, 4 pages of mental midgets proudly displaying their complete ignorance of the causes of inventory build-ups. The crude futures markets are in contango, and have been for many months. The arbitragers are buying physical crude on the spot market [so much for methaneman's moronic remark: "Should make the speculators take delivery of the oil"; they ARE taking delivery!] and storing it, and at the same time, selling forward that physical crude in the futures market at a higher price, thus guaranteeing themselves a nice profit [after brokerage fees, storage fees,etc]. This stored crude shows up in the weekly reports as "inventory", but it's not available to the refineries, as it's already under contract for delivery many months into the future. THAT'S why it's not really "supply" as used in so many of the mental midget's posts. Get it now?
30mpg80 Champion Author Lexington Posts:10,045 Points:1,488,830 Joined:Nov 2008	Message Posted: Jul 21, 2010 9:57:21 PM Ignore 30mpg80 Report Abuse Would think these numbers indicate oversupply, so gas prices should go down, unless wild speculation in market.
JohnJ55 Champion Author Dayton Posts:11,316 Points:1,935,155 Joined:Jul 2007	Message Posted: Jul 21, 2010 9:33:57 PM Ignore JohnJ55 Report Abuse these weekly reports are almost as useless as the daily (almost hourly) reports of fluctuations in oil prices
WIPACKERFAN Champion Author Chicago Posts:8,809 Points:1,844,425 Joined:Aug 2005	Message Posted: Jul 21, 2010 9:32:14 PM Ignore WIPACKERFAN Report Abuse Big deal.
abcdMA Champion Author Worcester Posts:7,932 Points:1,576,930 Joined:Nov 2008	Message Posted: Jul 21, 2010 9:25:08 PM Ignore abcdMA Report Abuse keep demand down
Panama Red Champion Author San Diego Posts:11,082 Points:2,500,240 Joined:Jun 2004	Message Posted: Jul 21, 2010 9:19:33 PM Ignore Panama Red Report Abuse zzzzzzzzzzzzz.....
jb107 Champion Author New Jersey Posts:9,559 Points:2,622,975 Joined:Sep 2005	Message Posted: Jul 21, 2010 9:16:55 PM Ignore jb107 Report Abuse Same thing every week. Every thing is about the same.
methaneman Champion Author Minnesota Posts:2,610 Points:1,285,325 Joined:May 2002	Message Posted: Jul 21, 2010 9:08:44 PM Ignore methaneman Report Abuse Should make the speculators take delivery of the oil.
ED6 Champion Author Riverside Posts:9,489 Points:1,852,105 Joined:Jul 2007	Message Posted: Jul 21, 2010 9:07:32 PM Ignore ED6 Report Abuse Increased inventory, gas at the pump in SoCal at $3.00+ at the pump.
toadNY Champion Author Albany Posts:7,052 Points:1,515,100 Joined:Apr 2008	Message Posted: Jul 21, 2010 9:06:22 PM Ignore toadNY Report Abuse Just more LIES from the government to make every thing peaches & cream.