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Energy futures rise after U.S. government reports larger-than-expected drop in inventories
Published in Saudi Press Agency on 29 - 08 - 2007


Energy futures jumped Wednesday after the
government reported larger-than-expected declines in
gasoline and oil inventories and an unexpected decline in
refinery activity, accoridng to AP.
Light, sweet crude for October delivery rose $1 to $72.73
a barrel on the New York Mercantile Exchange, while
September gasoline rose 4.01 cents to $2.0555 a gallon on
the Nymex.
In London, October Brent crude rose $1.05 to $71.60 a
barrel on the ICE futures exchange.
Nymex heating oil rose 3.40 cents to $2.0303 a gallon, and
natural gas futures rose 2.5 cents to $5.618 per 1,000
cubic feet.
The Energy Department's Energy Information Administration
reported that gasoline inventories fell 3.6 million barrels
in the week ended Aug. 24. Analysts surveyed by Dow Jones
Newswires, on average, had expected a 1.8 million barrel
decline.
Refinery utilization fell by 1.3 percentage points to 90.3
percent of capacity, countering analyst expectations for no
change.
Crude oil inventories fell 3.5 million barrels, much more
than the 800,000 barrel decrease analysts had expected.
Distillate stocks, which include diesel and heating oil,
increased 900,000 barrels, more than the 600,000 barrel
increase analysts had forecast.
Gasoline imports rose 66,000 barrels to 993,000 barrels a
day on average, and crude oil imports fell 993,000 barrels
to an average of 9.8 million barrels a day.
Gasoline demand averaged more than 9.6 million barrels a
day over the last 4 weeks, 0.5 percent above the same
period last year, the EIA said.


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