Winter is coming," said Phil Flynn, analyst at Price Futures Group in Chicago. "The most disturbing part of the (EIA) report is that distilling inventories are so far below average. That prompted investors to shrug off a surprise 2 million build of gasoline stocks and a larger-than-expected near 10 million barrel rise in crude inventories.
Energy Information Administration said, far exceeding expectations for a drop of 2 million barrels and bringing inventories to 106.1 million barrels, lowest since May. crude rose $1.84, or 2.1%, to $89.11 per barrel.ĭistillate stockpiles, which include diesel and heating oil, fell by 4.9 million barrels in the week ended Oct.
HOUSTON (Reuters) -Oil prices settled about 2% higher on Thursday, as low levels of diesel inventory ahead of winter triggered buying and reversed early losses on surprisingly high stocks of crude and gasoline.īrent crude futures for December delivery rose $2.12 to $94.57 a barrel, a 2.29% gain. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close
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