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US OIL INVENTORIES: Crude, Refined Products Stocks Decline

NEW YORK -(Dow Jones)- U.S. crude inventories unexpectedly fell last week, according to data released Wednesday by the U.S. Department of Energy.

Crude oil stockpiles declined by 3.9 million barrels to 335.91 million barrels for the week ended Oct. 30, compared with an average survey estimate of a 1.4 million-barrel increase. Data released by the American Petroleum Institute, an industry group, Tuesday showed a 3.3 million barrel decline.

Oil producers and refiners continue to grapple with high inventories and slack demand. In recent weeks, crude inventories have risen as U.S. refiners continued to operate well below seasonal norms. On Tuesday, Venezuela's oil minister Rafael Ramiriz said that the Organization of Petroleum Exporting Countries should maintain current production levels in anticipation of a recovery when the 12 members meet in Angola in December. Yet, the picture being painted by U.S. refiners in recent weeks continues to be pretty dismal. Refining margins remain narrow despite the nearly 80% gains in oil prices this year because of the supply overhang.

Gasoline stockpiles fell by 287,000 barrels to 208.28 million barrels, the department's Energy Information Administration said in its weekly report, compared with a forecast of a 100,000 barrel increase in a Dow Jones Newswires survey of 14 analysts.

Distillate stocks, which include heating oil and diesel fuel, fell by 378,000 barrels to 167.38 million barrels, compared with analysts' estimates that stocks would fall by 1 million barrels.

Refining capacity utilization fell by 1.2 percentage points to 80.6%. Analysts had expected it to decrease by 0.1 percentage point.

API estimated that refineries operated at 80.5% of capacity last week and that inventories of gasoline rose by 500,000 barrels and distillate grew by 1.8 million barrels.

U.S. Oil Inventories:
For week ended Oct. 30:
             Crude   Distillates  Gasoline   Refinery Use
EIA data:    -3.9      -0.4       -0.3        -1.2
Forecast:    +1.4      -1.0       -0.1        -0.1

Figures in millions of barrels, except for refining use, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.

-By Naureen S. Malik, Dow Jones Newswires; 212-416-4210; naureen.malik@ dowjones.com

  (END) Dow Jones Newswires
  11-04-091101ET
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