APIs & commentary from CBS Marketwatch
<Crude futures fell in after-hours trading late Tuesday as a rise in last week's crude and distillate
inventories compounded concerns over adequate supplies for the winter heating season.
Late Tuesday, the American Petroleum Institute posted a 1.1 million-barrel rise in crude supplies as
of the week ended Nov. 9. IFR Pegasus senior energy analyst Tim Evans expected a rise of as much
as 2 million barrels.
In after-hours trading shortly after the data were released, December crude fell by 31 cents to $21.36
a barrel. December heating oil fell 0.7 cent to 60.23 cents a gallon and December unleaded gasoline
slipped by 0.66 cent to 57.35 cents a gallon.
Distillate supplies, which include heating oil and jet fuel, also climbed by 2.4 million barrels,
according to the API, vs. expectations for a rise of up to 1.5 million barrels.
Gasoline inventories down by 168,000 barrels in the latest week, the API also reported, compared to
expectations for a rise of as much as 1.5 million barrels.
The fall in gasoline and rise in distillate stocks came as refinery production utilization remained
unchanged from the prior week's 90.6 percent of capacity, the API reported.
The rise in crude supplies without any rise in refinery production rates implies that demand was down
for the week, said Daniel Flynn, an assistant energy analyst at Alaron.com.>
(Early portion of article also covers OPEC news and comments.)
marketwatch.com |
