U.S. Crude Oil Reserves Post Surprise Fall

US crude oil reserves post surprise fall

http://news.yahoo.com/s/afp/20051116...NlYwMlJVRPUCUl

Wed Nov 16,11:49 AM ET

WASHINGTON (AFP) - US crude oil and gasoline inventories surprisingly fell over the past week but distillate stocks used for heating oil rose to reflect warmer weather, the Department of Energy said.

Crude stocks fell for the first time in six weeks, by 2.2 million barrels for the week ended November to total 321.4 million, the DoE said. Analysts were expecting a rise for crude of 1.6 million barrels.

Motor gasoline stocks were down 900,000 barrels at 200.2 million barrels, it said, again confounding forecasts for a rise.

Stocks of distillate supplies, which are used to make heating oil and diesel fuel, posted their first rise in eight weeks to climb a bigger-than-expected 2.6 million barrels over the week to 123.4 million.

The fall in crude and gasoline inventories came after a steady rise over recent weeks as the US oil industry recovers from damaging hurricanes in late August and September.

US refineries operated at 86.2 percent of their maximum capacity over the past week, the DoE said.

Unseasonally warm weather in the northeast United States has also curbed demand for heating oil.

Crude oil futures traded in New York advanced on the DoE report, rising 22 cents to 57.20 dollars a barrel by 1545 GMT.

In its own survey, the private-sector American Petroleum Institute said crude inventories fell 3.9 million barrels for the week to November 11.

Gasoline inventories were down 1.7 million barrels but distillate stocks rose 2.6 million barrels, the API said.