US Worry On Heating Oil Low Stocks

The US crude oil inventories increased last week but crucial winter heating oil stocks declined, according to the US Energy Department reported on Wednesday.

The report showed that US commercial crude oil inventories in the week ending on October 15 increased by 1.2 million barrels from the previous week and reached 279.4 million barrels. But the inventories were still at the lower end of average for the season.

However, distillates inventories such as diesel and heating oil declined by 1.9 million barrels to 119.0 million last week, the fifth week of drop in a row. Gasoline stocks also dropped by 700,000 barrels to 199.9 million in the week.

The oil reserves data exclude the US Strategic Petroleum Reserve (SPR) which has reached to a record high of 669.4 million barrels now.