EIA: US crude stockpiles up slightly last week

Crude oil prices were lower in afternoon trade in New York on Wednesday after the US Energy Information Administration reported that crude inventories were up slightly last week, following a surprise decline in stockpiles the previous week.

At nearly 1:30 p.m. on the US East Coast, October contracts for West Texas Intermediate crude were 91 cents lower to $71.14 per barrel on the New York Mercantile Exchange, while at last report Brent crude had dropped 67 cents to $71.15 per barrel on the ICE Futures Europe exchange in London.

According to the EIA report, crude oil stockpiles in the United States added 200,000 barrels in the week ending 21 August, to 343.8 million barrels and distillates inventories were up 800,000 barrels to 162.4 million barrels, but gasoline stockpiles dropped 1.7 million barrels during the week to 208.1 million barrels.

Inventories for crude, gasoline and distillates remained above last year’s levels.

In earlier trade, Nymex September gasoline futures were trading even at $2.01 per gallon while October heating oil was down 2 cents to $1.86 per gallon and October natural gas had dropped 3 cents to $3.26 per million British thermal units.