http://www.forbes.com/feeds/ap/2009/03/11/ap6153714.html
Crude inventories rose unexpectedly last week, while gasoline stockpiles tumbled as demand continued to rise, according to government data released Wednesday.
For the week ended March 6 crude inventories rose by 700,000 barrels, or 0.2 percent, to 351.3 million barrels, which is 15.8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
Analysts had expected a drop of 1 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill (nyse: MHP - news - people ) Cos.
Gasoline inventories slipped by 3 million barrels, or 1.4 percent, to 212.5 million barrels, which is 8.3 percent below year-ago levels. Analysts expected stockpiles of the motor fuel to fall by 1.2 million barrels.
Demand for gasoline over the four weeks ended March 6 was 1.6 percent higher than a year earlier, averaging 9 million barrels a day.
At the same time, U.S. refineries ran at 82.7 percent of total capacity on average, a drop of 0.4 percentage points from the prior week. Analysts expected capacity to stay at 83.1 percent.
Inventories of distillate fuel, which include diesel and heating oil, rose by 2.1 million barrels to 145.4 million barrels for the week ended March 6. Analysts expected distillate stocks to jump 700,000 barrels.
Crude inventories rose unexpectedly last week, while gasoline stockpiles tumbled as demand continued to rise, according to government data released Wednesday.
For the week ended March 6 crude inventories rose by 700,000 barrels, or 0.2 percent, to 351.3 million barrels, which is 15.8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
Analysts had expected a drop of 1 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill (nyse: MHP - news - people ) Cos.
Gasoline inventories slipped by 3 million barrels, or 1.4 percent, to 212.5 million barrels, which is 8.3 percent below year-ago levels. Analysts expected stockpiles of the motor fuel to fall by 1.2 million barrels.
Demand for gasoline over the four weeks ended March 6 was 1.6 percent higher than a year earlier, averaging 9 million barrels a day.
At the same time, U.S. refineries ran at 82.7 percent of total capacity on average, a drop of 0.4 percentage points from the prior week. Analysts expected capacity to stay at 83.1 percent.
Inventories of distillate fuel, which include diesel and heating oil, rose by 2.1 million barrels to 145.4 million barrels for the week ended March 6. Analysts expected distillate stocks to jump 700,000 barrels.
Quote from InvestVision:
http://www.reuters.com/article/fundsFundsNews/idUSN1054501720090310
The API, in its inventory report released at 4:30 p.m.
EDT (2030 GMT), said that for the week to March 6, crude stocks
fell 419,000 barrels to 345.3 million barrels, gasoline stocks
rose 1.7 million barrels to 216.5 million barrels and
distillate stocks fell 279,000 barrels to 144 million barrels.
* The U.S. Energy Information Administration will issue its
report at 10:30 a.m. EDT Wednesday.
* A Reuters poll of analysts showed an average forecast for
a 400,000 barrel build in crude stocks, a 400,000 barrel
drawdown in gasoline supplies and for distillate stocks to have
been little changed in the week to March 6. [EIA/S]
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