The U.S. oil inventories report (EIA) is out. And the decline for last week is much lower than expected. The numbers show crude supplies down 4.3 million barrels. And the decline in gas supplies are some 100,000 barrels. Oil refinery capacity was at 89.1%.
Jim Halloran is Energy Analyst at National City Private Client Group. He was on "Morning Call' to give his take on the EIA numbers. Halloran says--while it may be a surprise to others--the decline is not that big of a surprise to him.
Halloran says oil imports are down--while demand has remained relatively high. He says oil will stay strong--and stay in the high 50's to lower 60's on prices. He said it's (EIA) a lot of information--but doesn't really show a trend for oil at this time.
Oil prices were headed up-after the EIA report came out. Stocks were heading down.