Crude Oil Tumbles as Supplies Gain, Concerns About Fuel Demand

"Oil Tumbles as Supplies Gain, Fuel Demand Drops to 10 Year Low"
Crude oil fell the most in two weeks after a government report showed that U.S. supplies unexpectedly increased as fuel consumption plunged to a 10-year low.
Inventories climbed 2.9 million barrels to 366 million in the week ended May 29, according to the Energy Department. The gain occurred as imports surged 9.9 percent and refineries increased operating rates to the highest level in six months. Fuel demand fell to the lowest since May 1999. “The high inventories and weak demand we’re seeing don’t justify prices in the $60s,” said Chip Hodge, who oversees a $9 billion natural resource.....Complete Story

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"US Interior to Collect Billions from New O&G Fees in 2010"
The U.S Interior Department has projected $14 billion in revenue collections for fiscal year 2010, stemming from several new and increased fees. A new fee on non producing Gulf of Mexico offshore oil and gas leases would increase revenue by requiring lease holders to pay $4 per acre when leases are in non producing status, Interior Secretary Ken Salazar said in prepared testimony before a subcommittee of the Senate Appropriations Committee on Wednesday.The hearing addressed the Interior Department's fiscal.....Complete Story

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"Natural Gas Tumbles in New York on Outlook for Inventory Glut"
Natural gas futures fell the most in two weeks on speculation a government report tomorrow will show an above average stockpile increase as the recession restricts demand for the industrial fuel. The Energy Department will probably say inventories gained 117 billion cubic feet in the week ended May 29, according to the median of 16 analyst estimates compiled by Bloomberg. The five-year average change is an increase of 94 billion. Supplies in last week’s report were 22 percent above normal.
“I expect tomorrow’s number to be more of the same,” said Stephen Schork, president of the Schork Group Inc.....Complete Story

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