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Crude prices rally after large drawdown in gasoline stocks

By Mark Cotton

Last Update: 10:37 AM ET Aug 9, 2006

NEW YORK (MarketWatch) -- Crude prices rallied Wednesday after the latest weekly supply data showed a fall in crude supplies and a bigger-than-expected decline in gasoline stocks. Distillates supplies, which include heating oil and jet fuel also fell unexpectedly. Crude supplies for the week ended August 4 fell 1.1 million barrels. Estimates had been for a decline of around 1.2 million barrels. Gasoline supplies fell by 3.2 million barrels last week, far more than the estimated range of a drawdown between 400,000 and 800,000 barrels. Distillate stocks, meanwhile, dipped by 200,000 barrels. The forecast range had been for a build of between 750,000 to 1.3 million barrels.