EIA: crude oil, gasoline inventories were up last week

Crude oil prices initially fell on Wednesday after the US Energy Information Administration reported that US stockpiles of crude were up last week, but by noon in New York prices had more than taken back the declines.

In midday trade, February contracts for West Texas Intermediate crude were up $1.00 to $82.77 per barrel, but at last report, Brent crude for February delivery had dropped 45 cents to $80.14 per barrel on the ICE Futures Europe exchange in London.

The EIA reported that crude oil inventories grew by 1.3 million barrels last week, while gasoline stockpiles jumped by 3.7 million barrels against an expected gain of only 1.2 million barrels.

Distillates in storage, which include heating oil and diesel fuel, was down by 300,000 barrels, but they had been expected to drop by 1.8 million barrels.

In mid-morning trade, Nymex February gasoline futures were down 2 cents to $2.11 per gallon while February heating oil futures had dropped 1 cent to $2.18 per gallon.

The retail price of a gallon of gasoline in the United States was up 1.8 cents to $2.685 per gallon on average nationally.