Oil Falls to Three-Month Low

Oil dropped to a three-month low in New York after government data showed that U.S. crude stockpiles unexpectedly climbed last week, halting the longest streak of declines on record.

Futures fell 2.3 percent in New York after crude inventories rose 1.67 million barrels, according to an Energy Information Administration report. Analysts surveyed by Bloomberg had forecast a 2 million-barrel decline. Refineries reduced operating rates, which had been at the highest level of the year. U.S. refiners usually don’t begin to curb processing until August as the summer driving season nears its end.

"You should expect further inventory gains as refinery runs decline," said Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management, which oversees $133 billion of assets. "We all thought the market would rebalance more quickly. It won’t be until 2017 before the crude oversupply is gone."

Oil has slipped 18 percent since early June after almost doubling from a 12-year low in February. While the global oversupply has eased amid supply disruptions from Nigeria to Canada, high inventories of both crude and refined fuels coupled with signs of faltering demand growth have stifled the recovery.

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http://www.bloomberg.com/news/articles/2016-07-26/oil-extends-drop-as-supplies-at-u-s-storage-hub-seen-climbing

fall baby, fall. I've a 1200gallon heating oil tank that I would love to fill for the first time in years. 1200g will heat our crib for 4 years easily.