US gasoline stockpiles steady on lower imports, refinery utilization

Crude oil prices were higher on Wednesday after new US inventories figures showed that gasoline stockpiles neither rose nor fell during the week ending June 8, when they had been expected to rise by 1.7 million barrels. The decline came on imports that were down by 99,000 barrels per day to 10.14 million barrels and on refinery utilization that dropped to 89.2 percent from 89.6 percent last week. Gasoline in storage stood at 201.5 million barrels last week, down 11.6 million barrels from last week at the same time. In addition, crude oil inventories were up by only 100,000 barrels to 342.4 million barrels, while distillates stockpiles grew by just 300,000 barrels to 122.6 million barrels.

July contracts for Brent crude were up $1.28 to $70.07 per barrel on the Intercontinental Exchange in London, while by mid-afternoon in New York West Texas Intermediate crude for July delivery was $1 higher to $66.35 per barrel. At the same time, Nymex July gasoline was 3 cents higher to $2.16 per gallon, while heating oil had added 5 cents to $1.96 per gallon.