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US crude oil, product stocks build: EIA

crude34NEW YORK: US crude oil inventories rose in line with forecasts last week while gasoline and distillate stocks also built against expectations of drawdowns after Hurricane Sandy hit the East Coast, data from the Energy Information Administration showed on Wednesday.

 

Crude inventories rose 1.77 million barrels in the week to Nov. 2, the EIA report showed. Analysts had forecast a 1.8-million-barrel crude build.

 

Distillate stockpiles, which include heating oil and diesel, edged up 131,000 barrels, compared with forecasts for a draw of 1.5 million barrels.

 

Gasoline inventories rose 2.88 million barrels, against forecasts for levels dropping 1.0 million barrels, the EIA report showed.

 

Refinery utilization fell 2.3 percentage points to 85.4 percent of capacity. Analysts had forecast rates falling 1.5 percentage point.

 

US crude oil futures extended losses after the data, trading down $3.00 at $85.71 per barrel by 10:38 a.m. EST (1538 GMT).

 

Copyright Reuters, 2012