Weekly Petroleum Status Report due Today at 10:30 a.m. Eastern time
Expect a Bullish Report for Rising Oil Prices: Increasing Crude Inventories and Declining Gasoline Supplies

Expect crude inventories to build again this week as the oil industry fortifies their crude oil position in anticipation of higher prices in the future. Also look for gasoline supplies to decline again as consumption outstrips production. The blog posts on April 13th and April 14th explained the paradox of why increasing crude inventories is actually bullish supporting the case for higher future oil prices, not lower prices. It should be reiterated that keeping crude oil inventories is expensive. However, the costs to keep crude oil in inventory will be cheaper than buying it in the future.