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US crude oil stocks up, gasoline down
AFP
WASHINGTON
Petroleumworld.com 04 13 06US crude oil inventories rose over the past week to stand at nearly an eight-year high, but supplies of gasoline slumped, government data showed Wednesday.
Crude oil futures turned up on the news. In London, Brent North Sea crude hit a new record-high of 69.97 dollars a barrel just after the figures were released.
In New York, a barrel of oil for delivery in May was up 32 cents at 69.30 dollars at 1440 GMT.
The Department of Energy said crude oil reserves increased 3.2 million barrels in the week ended April 7 to 346 million barrels -- 7.8 percent above year-ago levels and at their highest point in almost eight years.
Analysts had expected US crude levels to rise only 1.3 million barrels in the week.
The DoE figures, however, reinforced concerns about gasoline constraints heading into the US summer holiday season.
It said petrol inventories fell 3.9 million barrels to 207.9 million over the week. Gasoline supplies have lost a total of 18 million barrels in six weeks and are 1.9 percent below their level a year ago.
Analysts had forecast a smaller fall in gasoline stocks of 2.1 million barrels.
Distillate supplies, used to make heating oil and diesel, fell 4.2 million barrels in the week to 117.4 million. That was much bigger than the forecast drop of 1.5 million barrels.
AFP 04 12 06 1457 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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