Activity at the Cushing terminal is studied closely by oil traders because it is the physical delivery point for Nymex crude. Falling supplies there are seen as a symptom of a tight market, and those concerns ease when Cushing inventories rise.
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Crude supplies were also helped by imports, which rose last week by an average of 534,000 barrels a day to 10.4 barrels a day.
Prices were also pressured by a surprising jump in refinery activity last week of 2.4 percent, to 89.4 percent of capacity, much more than the 0.6 percentage point increase analysts had expected. That increase explains the unexpected jump in gasoline supplies and a surprisingly small 100,000 barrel decline in supplies of distillates, which include heating oil and diesel. Analysts had expected a 1 million barrel decline. December heating oil slid 5.85 cents to $2.5949 a gallon on the Nymex Wednesday.
"The market's been concerned about the availability of heating oil supply for the winter," Ritterbusch said.
Other energy futures also fell Wednesday. December natural gas dropped 28 cents to $7.277 per 1,000 cubic feet on the Nymex on forecasts for warmer weather in coming weeks and a view that supplies are high.
In London, January Brent crude fell $1.79 to $90.73 a barrel on the ICE Futures exchange.
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