EIA Reports 13.8 Million Barrels Last Week

The U.S. Energy Information Administration on Wednesday reported a fifth straight weekly increase in crude-oil supplies that was much more than the market expected. Inventories climbed by 13.8 million barrels in domestic crude-oil supplies for the week ended Feb. 3. The American Petroleum Institute late Tuesday reported 14.2 million-barrel jump, according to sources, while analysts polled by S&P Global Platts forecast a climb of 2.5 million barrels.

Gasoline supplies fell by 900,000 barrels, while distillate stockpiles were unchanged last week, according to the EIA. March crude CLH7, +0.65% fell 52 cents, or 1.1%, at $51.61 a barrel on the New York Mercantile Exchange. It was trading at $51.80 before the supply data.

via MarketWatch

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza