Fuel Inventories Rise for Week
Inventories of crude oil, gasoline and distillate fuel all rose last week, and oil prices receded slightly in early trading Wednesday, Bloomberg reported.
Benchmark light sweet crude oil futures were trading at $65.38 a barrel early Wednesday, down 22 cents from Tuesday’s closing price on the New York Mercantile Exchange, Bloomberg said.
Crude inventories last week rose by 100,000 barrels, the Department of Energy said in its weekly report.
Gasoline stockpiles gained 3.5 million barrels, while distillates, which include diesel, gained 1.9 million, DOE said in its weekly report.
But inventory capacity, which is generally at about 94% at this time of year, fell to 89.6%, the report said.
Analyst John Kilduff of Man Financial told CNBC Wednesday that the addition of refining ultra-low-sulfur diesel fuel was a factor in refineries’ reduced output. The gains, he said, were due in part to an increase in fuel imports.
Gasoline pump prices could fall 15 to 20 cents at the pump over the next month, he told CNBC.
