The Department of Energy released its weekly oil inventory data and again we saw another build-up of black gold. This increase has started to hit the United States Oil (USO) and the Oil Services HOLDRs (OIH) ETS’s on the news. We also saw a build-up in all of the sub-stes measured as well. What is interesting is that we are also starting to see a rise in refining capacity.
Crude oil inventories rose by 3.857 million barrels to 370.6 million barrels; and we were expecting a build of around 2 million barrels. The gasoline inventories rose by 0.802 million barrels to 217.3 million barrels. Distillates rose by 2.682 million barrels and now sits at a level of 142.31 million barrels.
Full Story: http://247wallst.com/2009/04/22/oil-etfs-hit-as-crude-inventory-keep-rising-uso-oih/#more-31676