NEW YORK (Dow Jones)--U.S. crude inventories increased more than analysts' expectations last week, according to data released Wednesday by the the U.S. Department of Energy. Crude oil stockpiles rose 2.1 million barrels to 352.8 million barrels, compared with an average survey estimate calling for a 1.7-million-barrel increase. The American Petroleum Institute, an industry group, reported a 970,000-barrel build in its weekly report released Tuesday. Oil futures held to gains following the report, with light, sweet crude for May delivery up 52 cents at $105.49 a barrel on the New York Mercantile Exchange. Front-month April reformulated gasoline blendstock, or RBOB, was recently 1.37 cents, or 0.4%, higher at $3.0182 a gallon. April heating oil slipped 0.82 cent to $3.0680 a gallon. Inventories of gasoline fell for the fifth-straight week after reaching multi-year highs in early February. Stocks of distillates had posted five-straight weeks of declines. Gasoline stockpiles tumbled 5.3 million barrels to 219.7 million barrels, the department's Energy Information Administration said in its weekly report, compared with a drop of 2.0 million barrels forecast in a Dow Jones Newswires survey of analysts. Distillate stocks, which include heating oil and diesel fuel, remained unchaged at 152.6 million barrels, compared with analysts' forecast of a 1.4-million-barrel drop. Refining capacity utilization rose 0.7 percentage point to 84.1%. Analysts had expected utilization would remain unchanged. API pegged refinery utilization at 82.6% last week, up 0.3 percentage point. The industry group report showed that stockpiles of gasoline fell by 7.9 million barrels and distillates fell by 612,000 barrels. U.S. Oil Inventories: For week ended March 18: Crude Distillates Gasoline Refinery Use EIA data: +2.1 unch -5.3 +0.7 Forecast: +1.7 -1.4 -2 unch Figures in millions of barrels, except for refining use, which is reported in percentage points. Forecasts are the average of expectations in a Dow Jones Newswires survey of analysts earlier in the week.
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You can throw those numbers out the window. To argue about numbers is like trying to tell the lunatic how crazy he is. He won't listen. This market is past the number game. It doesn't matter what the number is, if they want it they'll get it.