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US crude reserves up, distillates down
AFP
WASHINGTON
Petroleumworld.com 02 23 06US reserves of crude oil jumped in the past week but inventories of key refined products slumped, government data showed Thursday.
Crude oil reserves surged by 3.7 million barrels in the week ending February 16 to 327.6 million barrels, the Department of Energy said. Analysts had predicted a gain of just 1.3 million barrels.
But the report also showed that distillate inventories, which comprise heating oil and diesel, fell 5.0 million barrels to 128.3 million over a week in which much of the United States was gripped by a cold snap.
Market watchers expected a smaller distillates drop of 2.88 million barrels, but the DoE noted that their levels "are at the upper end of the average range for this time of year."
Gasoline inventories meanwhile fell 3.1 million barrels last week to 222.1 million, but again according to the government are well above the seasonal average.
New York crude futures advanced 33 cents to 60.40 dollars a barrel after the DoE report.
AFP 22 1556 GMT 02 07
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