Highlights
EIA petroleum inventory data show rising levels in results that are certain to pressure oil prices. The inventory of crude oil stocks rose 4.3 million barrels in the Jan. 11 week to 287.1 million. Distillate stocks were up by 1.1 million barrels with gasoline up 2.2 million. The gains were posted despite easing production by refineries which operated at only 87.1 percent of capacity in the week. One possible offset to the rise across categories was a 1.1 million barrel dip in crude stocks at the closely watched refinery in Cushing, Oklahoma. Looking at the broader picture, pressures to increase oil production will be limited should the U.S. economy stall out. Oil prices dipped below $90 in immediate reaction to the results.