Oil prices move higher despite unexpected build in U.S. crude, gasoline stockpiles [MSNBC.com]
![MSNBC.com](../../../Content/images/providers/MSNBC.com.png)
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
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Source: MSNBC.com
U.S. crude oil futures rose Wednesday despite an unexpected increase in oil and gasoline inventories, which threatened to derail a recent rally."Summer driving season is gasoline's time to shine and drag the rest of the oil patch along for the ride. That is not happening," Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in a Wednesday note after the inventory data dropped.Here are Wednesday's closing energy prices:Crude oil stockpiles rose by 3.6 million barrels last week, according to data released by the Information Administration. Analysts were expecting inventories to fall by 2.9 million barrels, according to a Reuters poll.However, supplies remain about 2% below the five-year average for this time of year.Gasoline stockpiles rose by 2.7 million barrels, while analysts were expecting a drawdown of 1 million barrels. Rising crude and fuel inventories signal that demand may still be soft. crude futures settled 7 cents higher at $80.90 a barrel. T
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MFG
Sec Filings
- 6/28/24 - Form 424B2
- 6/28/24 - Form FWP
- 6/27/24 - Form 424B5
- MFG's page on the SEC website