US gasoline inventories drop unexpectedly

Crude oil prices were higher on Wednesday after the latest US inventories figures from the Energy Information Administration showed that while crude oil inventories were not down as much last week as had been anticipated, gasoline stockpiles were down significantly when they had been expected to increase.

Inventories of crude oil were down by half a million barrels in the week ending July 13, less than the 760,000 barrel decrease that had been expected.

Gasoline stockpiles, meanwhile, were down by 2.3 million barrels during the week against an anticipated increase of 560,000 barrels, while distillates were down by 200,000 barrels when they had been expected to drop by 780,000 barrels.

The drop in gasoline inventories was blamed on decreases in production and imports.

Crude oil imports, however, were higher last week.

September contracts for Brent crude were $1.08 higher to $76.61 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for August delivery was $1.03 higher to $75.05 per barrel in mid-afternoon trade.

At the same time, Nymex August gasoline futures were up 9 cents to $2.20 per gallon, September heating oil had gained 7 cents to $2.13 per gallon, and September natural gas futures were 21 cents higher to $6.61 per million British thermal units.

At-the-pump gasoline prices in the US, however, were lower again, falling 0.9 percent to an average of $3.031 per gallon nationally.