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US fuel inventories top forecasts
AFP
WASHINGTON
Petroleumworld.com 09 28 06
US stockpiles of gasoline and other fuels showed surprisingly strong gains over the past week, data showed Wednesday, putting additional pressure on energy prices.
In a weekly survey of inventories, the Department of Energy said crude oil reserves fell a modest 100,000 barrels in the week to September 22, to 324.8 million.
Financial markets were expecting a drawdown of 1.7 million barrels.
Reserves of gasoline or petrol showed an increase of 6.3 million barrels to 213.9 million, compared with expectations of a rise of 700,000.
Meanwhile inventories of distillates, used for heating oil and diesel fuel, jumped by 2.6 million barrels to 151.3 million, ahead of forecasts of a gain of 2.5 million.
After the report, crude oil futures in New York dipped nine cents to 61.10 dollars per barrel. Prices are down some 20 percent from peaks hit in July.
"A huge gasoline build, sizable distillate build and slight crude draw make this a price bearish report," said Wachovia Securities economist Jason Schenker.
AFP 27 1455 GMT 09 06
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