Quick Overview

• The DOE reported an increase of 2.9 million barrels of oil. Analysts expected a decrease around 1.9 million barrels.
• The EIA reported an increase of 2.6 million barrels for gasoline inventories. Analysts had expected gasoline inventories to rise 1.2 million.
• The DOE reported a decrease of 1 million for stockpiles of distillates.

• U.S. Factory orders fell 1.2% in April to $440.4 billion after a upwardly revised 3.8% gain in March.

• The number of US people who filed applications for unemployment compensation fell slightly last week to 422,000 from 428,000

• As the E. coli outbreak continues to ravage Germany and other parts of Europe, the World Health Organization said Thursday that the aggressive intestinal bacterium is a new strain never seen before. Meanwhile fears of the illness prompted Russia to ban imports of vegetables from the EU.

• The Canadian Wheat Board released information regarding a possible 4 to 5 million acres of wheat not being planted

• China will encourage coal imports and urge miners to boost output to increase supplies to power plants.
• China's growth is slowing but still looks set to outstrip expectations in 2011, with rapid urbanization, manufacturing and demand for housing stoking its economy, Rio Tinto said.
• China announced that it will raise electricity prices for nonresidential consumers about 3% to offset lofty coal prices.
• Xinhua said that rainfall along the middle and lower reaches of the Yangtze was down 40 to 60 percent from the average, with the totals being lower than at any time since 1951. 

• Brazil's environment agency gave final approval this week for the construction of the Belo Monte Dam, an immense hydroelectric station in the Amazon.