NEW YORK -(Dow Jones)- U.S. crude-oil inventories decreased for the fourth week in a row, while petroleum product stockpiles posted a larger-than-expected increase, according to U.S. Department of Energy data released Wednesday.
Crude stockpiles fell by 3.7 million barrels to 350.2 million barrels, the department's Energy Information Administration said in its weekly report. This compares with a 2.1-million-barrel decline forecast in a Dow Jones Newswires survey of analysts.
Distillate stockpiles, which include heating oil and diesel fuel, increased by a greater-than-expected 2.9 million barrel to 155 million barrels. Analysts had expected a 1.6-million-barrel increase.
Like distillates, gasoline stockpiles rose for the third week in a row by 2.3 million barrels to 211.2 million barrels, compared with an average survey estimate of a 1.9-million-barrel gain.
The percentage of operable capacity refineries utilized in the period decreased by 0.1 percentage point to 87.0%. A 0.2-percentage-point gain was seen.
U.S. Oil Inventories:
For week ended June 26:
Crude Distillates Gasoline Refinery Use
EIA data: -3.7 +2.9 +2.3 -0.1
Forecast: -2.1 +1.6 +1.9 +0.2
Figures in millions of barrels, except for refining use, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.
-By Madalina Iacob, Dow Jones Newswires; 212-416-2677; madalina.iacob@ dowjones.com
(END) Dow Jones Newswires 07-01-09 1115ET Copyright (c) 2009 Dow Jones & Company, Inc.
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