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Crude oil, gasoline stockpiles surged last week
Thursday October 16, 11:14 am ET

Energy Dept. reports crude oil, gasoline inventories rose much more than expected last week

NEW YORK (AP) -- Inventories of crude oil and gasoline jumped much more than expected last week, according to government data released Wednesday.

For the week ended Oct. 10, crude oil inventories rose by 5.6 million barrels, or 1.9 percent, to 308.2 million barrels, which is 0.6 percent below year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts had expected a jump of 3.1 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Gasoline inventories rose by 7 million barrels, or 2.9 percent, to 193.8 million barrels, which is 2.9 percent under year-ago levels. Analysts expected stockpiles of the motor fuel to rise by 3.1 million barrels.

Demand for gasoline over the four weeks ended Oct. 10 was 5.2 percent lower than a year earlier, averaging nearly 8.8 million barrels a day.

At the same time, U.S. refineries ran at 82.2 percent of total capacity on average, a gain of 1.3 percentage points from the prior week. Analysts expected capacity to rise to 83.8 percent.

Inventories of distillate fuel, which include diesel and heating oil, fell by 500,000 barrels to 122.1 million barrels for the week ended Oct. 10. Analysts expected distillate stocks to slip by 850,000 barrels.

At the pump, gas prices rose fell overnight to a new national average of $3.084 a gallon Wednesday, but remain well above the year-ago average of about $2.776 a gallon, according to AAA and the Oil Price Information Service.

In morning trading, light, sweet crude for October delivery fell $4.64, or 6.2 percent, to $69.90 per barrel on the New York Mercantile Exchange.

Source: Associated Press

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