U.S. Heating Oil, Diesel Supplies Falling
Heating oil inventories in the United States fell sharply last week, the Energy Department reported Wednesday.
Supplies of diesel fuel and heating oil decreased by a combined 1.6 million barrels during the week ending Oct. 21, the department said. That decline leaves the commodities at just above the lower end of their average range for this time of year.
Heating oil and diesel fuel supplies fell despite imports and domestic production rising sharply. Imports last week averaged 514,000 barrels per day — their highest weekly average since the week ending Jan. 21. And distillate fuel production from U.S. refineries increased significantly, averaging more than 3.6 million barrels per day.
In related news, crude oil inventories rose 4.4 million barrels and gasoline inventories inched up by 0.2 million barrels last week, putting them above the lower end of their average range.