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US Inventories of Crude Oil, Gasoline Drop Last Week

Posted on: Thursday, 6 October 2005, 09:00 CDT

US inventories of crude oil, gasoline drop last week

WASHINGTON, Oct. 5 (Xinhua) -- US inventories of commercial crude oil, gasoline and heating oil all declined in the week ending Sept. 30, the Energy Department reported Wednesday in its weekly survey.

The survey showed that the country's commercial crude oil stocks decreased 300,000 barrels last week to 305.4 million.

The reading defied analysts who had been expecting crude oil inventories to rise 2.4 million barrels because of some refineries being shut down by the hurricanes and unable to process raw oil.

Gasoline reserves plunged 4.3 million barrels last week to 195. 5 million, according to the survey.

The supply of distillate, including diesel and heating oil, dropped 5.6 million barrels to 128 million.

The survey also showed that US refineries were operating at 69. 8 percent capacity last week, compared with 86.7 percent the week before, reflecting the impact caused by Hurricane Rita which struck the Texas and Louisiana coast on Sept. 24.

Hurricane Rita was following an even more devastating Hurricane Katrina, which slammed into the Gulf Coast at the end of August.

The figures for commercial crude oil inventories do not include US Strategic Petroleum Reserve, which currently holds crude oil of about 700 million barrels.

Source: Xinhua News Agency - CEIS

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