Crude Oil Inventories Post Largest Decline Since 2004

Although analysts were expecting a slight increase in crude oil inventories, the Energy Department reports a decline of 8.8 million barrels. This is the largest weekly decline in crude oil inventories since September 2004.

Temporary delays in unloading oil tankers on the U.S. Gulf Coast are being cited as the primary catalyst for the inventory drop.

Crude prices have reversed earlier losses and are now trading up 66 cents to $131.69

Petroleum Inventory Report 5-29-08

Crude Oil down 8.8 million barrels
Gasoline down 3.2 barrels
Distillates up 1.6 million barrels
Refinery Utilization 87.9%............unchanged

Dollar Strength Pressures Oil

Strength in the US dollar contributed to a significant retreat in crude oil prices on Tuesday.

U.S light sweet crude for July delivery declined $3.34 to close at $128.85 a barrel in trading on the NYMEX.

Oil Closes Out Record Week

Tight supplies, a declining US dollar, and strong global demand propelled oil prices to record levels this week.

Brent North Sea oil hit a record high of $135.14 and New York light sweet crude reached a record $135.09 in trading on Thursday.

Oil Hits $134

Crude oil contracts for December 2016 delivery rose more than $20 a barrel (17%) after Goldman Sachs 16 raised its outlook to $141 a barrel for the second-half of 2008.

July crude oil rose $1, or 0.8 percent, to $134.17 a barrel at 9:04 a.m. in Sydney in after-hours trading on the NYMEX.

Chart note: The iPath Crude Oil Total Return Index is up more than 50% since February.

Petroleum Inventory Report 5-21-08

Crude Oil down 5.4 million barrels
Gasoline down 800,000 barrels
Distillates up 720,000 barrels
Refinery Utilization 87.9% up 1.3%

Oil Trades Above $130

Light, sweet crude for July delivery hit a record $130.47 a barrel in electronic trade on the NYMEX after closing at $128.98 in the floor session.

Supply concerns and renewed weakness in the US dollar continue to drive oil prices higher.

Petroleum Inventory Report 5-14-08

Crude Oil up 200,000 barrels
Gasoline down 1.7 million barrels
Distillates up 1.4 million barrels
Refinery Utilization 86.6% up 1.6%

Light, sweet crude is down 66 cents to $125.30 per barrel in premarket electronic trading on the NYMEX.

Oil Crosses $126

Oil gained nearly $10 a barrel this week.

Light, sweet crude for June delivery hit a new record of $126.25 on the NYMEX before pulling back to settle at $125.96.

Oil futures set new records for the fifth straight day, and ended the week up $9.64, or 8.3 percent.

Petroleum Inventory Report 5-07-08

Crude Oil up 5.7 million barrels
Gasoline up 800,000 barrels
Distillates down 100,000 barrels
Refinery Utilization 85% down .4%

Crude Spikes On Employment Data

Crude oil for June delivery rose $3.80, or 3.4 percent, to settle at $116.32 a barrel in trading on the NYMEX.

Light sweet crude for June delivery, is currently down 58 cents to $111.94 per barrel as strength in the US dollar continues to pressure commodity prices.