US oil stocks down, gasoline up

WASHINGTON - US crude oil inventories fell last week, but gasoline stocks showed a surprise increase despite robust demand from American motorists, the Department of Energy said Wednesday.

By (AFP)

Published: Wed 23 Aug 2006, 9:32 PM

Last updated: Sat 4 Apr 2015, 2:19 PM

The DoE’s latest weekly summary showed that crude oil inventories fell by 600,000 barrels to 330.4 million barrels in the week ended August 18. That was much less than the drop of 1.35 million barrels forecast by analysts.

Gasoline inventories showed a surprise gain of 400,000 barrels last week, rising to 205.8 million barrels, despite robust demand for motor fuel as many Americans take to the roads for their summer vacations, the DoE said.

Analysts had anticipated gasoline stocks posting a decline of 2.05 million.

Inventories of distillate fuel products such as diesel and heating oil increased by 2.3 million barrels to 135.5 million barrels, the DoE added.

Oil prices fell on the report as traders digested the better-than-expected inventory position. The benchmark New York oil futures contract fell 85 cents to 72.25 dollars a barrel.

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