Ahead of the Bell: Oil inventory |
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Tue, 30 Jan 2007 22:34
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NEW YORK (AFX) - The oil market will be watching Wednesday a weekly government report on petroleum inventories, which are forecast to swell again after several weeks of builds.Market analysts expect to see another increase in petroleum supplies when the Energy Information Administration releases its weekly inventory data on Wednesday.U.S. crude imports are expected to have risen by 1.2 million barrels in the week ended Jan. 26, according to a survey of analysts by Dow Jones Newswires. Gasoline stockpiles are expected to gain 1.6 million barrels. Distillate stockpiles, which include heating oil and diesel fuels, are seen falling by 2.6 million barrels, however.Crude inventories have been bulging in recent weeks. Two weeks ago the government reported the biggest jump in crude stocks in more than four years.Another rise in crude stocks could pressure prices lower, but other news of potential supply concerns or geopolitical tensions could weaken the report's effect on the market. On Tuesday, a barrel of oil jumped $2.96 to settle at $56.97 on the New York Mercantile Exchange. A Wall Street Journal report that Saudi Arabia would make additional production cuts on top of those already promised helped spark the day's rally.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Bell reassigns 24 employees for security 