16 August 2008
declining stocks of crude, sharp rise in stocks of gasoline
declining stocks of crude, sharp rise in stocks of gasolineU.S. crude inventories fell more than expected in the USA last week, while gasoline rose much more than what analysts predicted, announced Wednesday the department U.S. Energy (DoE).
The gross reserves USA have shrunk by 1.6 million barrels to 295.3 million barrels during the week ending July 18.
Analysts tablaient on a decline of only 600,000 barrels. Inventories of crude oil had risen last week by 3 million barrels, despite a decline was expected.
Lower 14.6% to their level of last year, these stocks are located in the lower half of the average range for this time of year, "said the DoE.
However, stocks of gasoline have expanded by 2.9 million barrels to 217.1 million barrels, against an increase of only 200,000 barrels expected. They are higher by 6.0% to their level of last year, and remain so "just above the upper limit of the average range for this time of year," according to the DoE.
The level of these reserves is watched closely by investors during the major summer travel by car, especially since the market is concerned about the consequences of the current economic slowdown on the consumption of black gold.
Finally, the reserves of distilled products (diesel and heating oil) have also reconstructed: +2.4 million barrels to 128.1 million, in line with analysts' forecasts (+2.5 million).
Superiors of 0.5% to their level of last year, these stocks are located in the upper half of the average range for this time of year "is indicated.
On the demand side, over the past four weeks, Americans consumed an average 20.3 million barrels per day (MBD) of oil products, down 2.1% compared with a year earlier. The consumption of gasoline has notably declined by 2.4% to 9.3 MBD.
Finally, U.S. refineries have slowed down their pace, running at 87.5% of their capacity, against 89.5% last week.
Around 15H00 GMT (16:00 CET), on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for September delivery traded down 1.31 dollar to 127.11 dollars. It had opened down 1.71 dollar.
by erectusplus at 17:43:00 |
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