Crude Oil Rises After Smaller-Than-Forecast U.S. Inventory Gain

asr: is it a weekly report? where can you get inventories/stockpiles weekly increase/decrease ?
- crude fell to $54 lowest in the world markets before US open? On a day before Govt. stockpiles report is it normal to rise before report release? can we see historic report of invetories?
- if so can it be used for buying at $54 assuming , it will rise before report release irrespective of report outcome. ?

Nov. 13 (Bloomberg) -- Crude oil rose after a U.S. government report showed a smaller-than-expected supply increase and refiners cut operating rates.

Stockpiles rose 22,000 barrels to 311.9 million barrels last week, the Energy Department said today. Inventories were forecast to rise 1 million barrels, according to a Bloomberg News survey. Refineries operated at 72.3 percent of capacity last week, down 0.7 percentage point from the previous week, the report showed.

Crude oil for December delivery rose 56 cents, or 1 percent, to $56.72 a barrel at 1:35 p.m. on the New York Mercantile Exchange. Futures touched $54.67, the lowest since Jan. 30, 2007. Prices have tumbled 61 percent since reaching a record $147.27 on July 11.

Oil traded at $57.19 a barrel before the release of the report at 11 a.m. in Washington. The report was delayed by a day because of the Veterans Day holiday on Nov. 11.
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The Energy Department said crude stocks remained unchanged last week, while gasoline stockpiles rose by 2 million barrels, and supplies of distillates, which are used to make diesel fuel and home heating oil, rose by 600,000 barrels.

Analysts surveyed by industry tracking firm Platts expected a 1.1 million barrel increase in crude supplies, an 850,000 barrel rise in gasoline stockpiles, and a 1 million barrel gain in distillates.

The inventory report was delayed a day due to the U.S. Veterans Day holiday on Tuesday.

"The way demand is falling, it doesn't matter even if you cut back production," said Phil Flynn, senior market analyst with Alaron Trading in Chicago.

The slide has sent many oil producers scrambling to reinforce prices and keep their energy industries afloat.

Other reports said a meeting was possible on Nov. 29. The Organization of Arab Petroleum Exporting Countries, many of whose members also belong to OPEC, was already scheduled to meet in Cairo on that date.

Should OPEC cut production again, "short-term it's bullish, but long-term it's just another reminder to the market just how bad demand is," said Flynn.

"People are still fearful whenever OPEC jawbones about cutting production," added James Cordier, founder of commodities brokerage OptionSellers.com

Slowing demand: In order for a second OPEC cut to have a lasting effect on oil prices, both the equity markets the outlook for the global economy would need to show improvement as well, said Cordier.

Commodity investors are looking to stocks to get a long-term view on the health of the economy, he said.