Reports today from the Energy Department
Reports today from the Energy Department indicated the nation's crude supplies grew again last week. Crude for May delivery fell 18 cents to $106.07 per barrel in afternoon trading on the New York Mercantile Exchange. The Energy Information Administration said the nation's crude supplies rose by 1.6 million barrels last week to 359.3 million barrels.
Gasoline supplies dropped by 7 million barrels more than five times what analysts expected. Supplies of distillate fuels, which include diesel and jet fuel also unexpectedly declined by 2.7 million barrels.
Wholesale gasoline demand fell by 1.6 % when compared with the same period last year. The drop in gasoline demand adds to what some economists say is an overall slowdown in American driving in the face of rising gasoline prices.
Other May contracts were mixed, heating oil was virtually unchanged at $3.1725 per gallon, while gasoline futures gained 5 cents at $3.2134 a gallon. Natural gas futures added 5 cents at $4.147 per 1,000 cubic feet.
