US OIL INVENTORIES: Crude, Gasoline Stocks Rise
NEW YORK -(Dow Jones)- U.S. crude inventories rose by less than analysts
expected in the week ended Nov. 20, according to data released Wednesday by the
U.S. Department of Energy. Gasoline stocks were higher than expected.
Crude oil stockpiles rose 1.02 million barrels to 337.81 million barrels. That
compares with an expected rise of 1.5 million barrels based on a Dow Jones
Newswires survey of 14 analysts. The American Petroleum Institute, an industry
group, reported Tuesday that crude inventories rose by 3.3 million barrels.
Analysts had expected an increase in crude stocks on a rise in crude imports,
as cargoes, delayed by the passage of Tropical Storm Ida through the U.S. Gulf
of Mexico two weeks ago, arrive at ports.
Gasoline stockpiles increased 1.0 million barrels to 210.09 million barrels,
the department's Energy Information Administration said in its weekly report.
Analysts surveyed by Dow Jones Newswires expected a modest rise of 500,000
barrels.
Distillate stocks, which include heating oil and diesel fuel, declined 529,000
barrels to 166.87 million barrels, compared with analysts' forecast of a rise of
200,000 barrels.
Refining capacity utilization rose by 0.8 percentage point to 80.3%. Analysts
had expected a 0.3 percentage point rise.
Refiners have been keeping utilization rates low to help deplete refined-
product stocks amid profit losses. Valero Energy Corp (VLO) announced last week
it was shutting down its Delaware City, Del., refinery permanently due to poor
economics.
U.S. Oil Inventories for week ended Nov. 20:
Crude Distillates Gasoline Refinery Use
EIA data: +1.0 -0.5 +1.0 +0.8
Forecast: +1.5 +0.2 +0.5 +0.3
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 Claire Rangel, Dow Jones Newswires; 212-416-2846; claire.rangel@
dowjones.com
(END) Dow Jones Newswires
11-25-091110ET
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