Peak oil notes – May 29

A midweek update. Oil futures fell to a four week low in after hours trading on Wednesday after the API announced their weekly survey shows that US crude stocks grew by 4 million barrels last week along with a 2 million barrel increase in gasoline and a 3 million barrel increase in distillates. Analysts surveyed by the wire services, however, are expecting a 400,000 barrel drop in crude stocks and similar declines in gasoline and distillate inventories. The IEA’s official survey is due out on Thursday this week because of the holiday.