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US crude oil inventories higher, gasoline supplies sink
AFP
WASHINGTON
Petroleumworld.com 03 30 06US crude oil inventories rebounded over the past week but supplies of gasoline showed a steep decline even as refiners shift to motor supplies for the US holiday season, government data showed Wednesday.
The Department of Energy reported crude oil reserves rose 2.1 million barrels to 340.7 million in the week to March 24 after a decline of 1.3 million barrels in the prior week. Analysts had been expecting an increase last week of 1.3 million barrels.
Motor gasoline stocks fell by 5.4 million barrels over the week to 216.2 million barrels, the DoE said. Analysts expected them to fall by only 1.3 million barrels.
Gasoline prices have been rising in anticipation of potential shortages in the US summer driving season, in part due to new environmental standards for motor fuel.
Distillate supplies, used to make heating oil and diesel, fell 2.5 million barrels to 124.2 million. That was steeper than the forecast decline of 1.2 million barrels.
After the news, crude oil was up 23 cents at 66.30 dollars a barrel on the New York Mercantile Exchange.
AFP 29 03 06 1613 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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