Oil Inventories Slip, Wednesday, April 18, 2007 12:11:15 PM
Government data released Wednesday showed that crude oil inventories slipped in the most recent week, following gains in the previous couple weeks. Meanwhile, gasoline stockpiles fell again.The Department of Energy`s Energy Information Administration said that crude oil inventories fell 1 million barrels in the week ended April 13. Specifically, the measure dropped to 332.4 million barrels from the previous week`s level of 333.4 million barrels. This followed an advance in the previous week of 700,000 barrels and a gain of 4.3 million barrels in the week before that. Oil inventories for the week were 3.5% below last year`s level.
Meanwhile, gasoline inventories showed a week-over-week slide of 2.7 million barrels. This extended a recent streak of declines, including a drop of 5.5 million barrels in the previous week. The level of gasoline inventories was 5.6% below last year.
Distillate fuel oil saw an inventory decline during the April 13 week. Stockpiles of these products, which include heating oil, were down 800,000 barrels for the week. This followed an advance of 100,000 barrels in the previous week.
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posted by Kalin Tasev @ 9:24 AM
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