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US oil inventories down but distillates up



AFP
WASHINGTON
Petroleumworld.com 01 12 06

US stockpiles of crude oil fell over the past week but closely watched levels of distillate products rose further, government figures showed Wednesday.

The Department of Energy said crude inventories fell 2.9 million barrels for the week ended January 6 to total 318.7 million. Oil traders expected a smaller drop of 600,000 barrels, owing to increased refinery activity.

The DoE said stocks of distillate products, which are used to make heating oil and diesel fuel, rose 4.9 million barrels to 133.8 million.

Market watchers had forecast a much smaller increase in distillate levels of 1.7 million barrels, but temperate winter weather has curbed US demand for heating oil recently.

Motor gasoline stocks also surprised analysts by going up 4.5 million barrels over the week to 208.8 million, more than the expected 1.7 million barrels.

AFP 01/11/06

Copyright © 2006 AFP. All rights reserved

 

 


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