US Commercial Crude Oil Inventories Drop Sharply Last Week
Posted on: Thursday, 1 December 2005, 09:00 CST
US commercial crude oil inventories drop sharply last week
WASHINGTON, Nov. 30 (Xinhua) -- US commercial crude oil inventories fell sharply over the past week, but stocks of distillate fuel showed a big gain, the Energy Department reported Wednesday in its weekly survey.
In the week ended Nov. 25, the country's commercial crude oil inventories dropped by 4.2 million barrels to 317.6 million, according to the survey. Analysts had been expecting a much more moderate decline of 221,000 barrels.
The survey showed that gasoline stockpiles also decreased by 500,000 barrels last week to 199.9 million, defying predictions of an increase of 1.1 million barrels.
However, reserves of distillates, which are used to make diesel and heating oil, surged 3.4 million barrels to 127.9 million. The advance was much higher than a predicted rise of 613,000 barrels.
Within the category of distillates, heating oil supplies rose by 1.5 million barrels and are 12 percent above last year's level.
The figures for commercial crude oil inventories do not include the US Strategic Petroleum Reserve, which currently holds crude oil of about 700 million barrels.
Source: Xinhua News Agency - CEIS
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