Wires

US oil stocks rose last week, distillates drop sharply-EIA

Share

NEW YORK, Oct 11 (Reuters) - U.S. crude oil stocks rose last week whiledistillate inventories fell more sharply than forecast, government data showedon Thursday.

Domestic stocks of crude rose by 1.67 million barrels in the week to Oct. 5,the Energy Information Administration reported, as imports rose. Analysts polledby Reuters ahead of the data release had forecast a stock gain of 800,000barrels.

Imports of crude rose by 115,000 barrels per day to almost 8.2 million bpdduring the week.

U.S. distillate stocks, which include diesel and heating oil, fell by 3.18million barrels in the week, well above analysts' average forecast for a declineof 500,000 barrels.

Stockpiles of the fuel on the East Coast, home to the world's largestheating oil market, fell by 1.7 million barrels.

U.S. gasoline inventories fell by 534,000 barrels, against expectations theywould be unchanged on the week.

Demand in the world's largest consumer continued to drop, with gasoline useover the four weeks to Oct. 5 down 3.3 percent from year-earlier levels whiledistillate demand was off 3.5 percent.

Refinery utilization fell by 1.5 percentage point to 86.7 percent ofcapacity.

Stocks at Cushing, Oklahoma, delivery point of the U.S. crude oil future,rose by 300,000 barrels to 44.17 million barrels.

U.S. crude futures

largely held gains after the data, trading up$1.22 at $92.47 a barrel at 11:08 am EDT (1508 GMT).

(Reporting By David Sheppard; Editing by David Gregorio)

((d.sheppard@thomsonreuters.com)(+1 646 223 6057)(Reuters Messaging:d.sheppard.thomsonreuters.com@reuters.net))

Keywords: ENERGY STOCKS/EIA