I saw this and had to ask, if the stores are high why is the price going up?
Oil prices rose Wednesday after a government report revealed a bigger-than-expected increase in crude stockpiles but a bigger-than-expected drop in inventories of gasoline and distillates used for heating oil.
U.S. light sweet crude for May delivery gained 84 cents to $67.07 a barrel after the Energy Information Administration (EIA) released its report.
Crude oil inventories rose by 2.1 million barrels for the week ended March 31, the government said, versus forecasts for a rise of 1.1 million barrels, according to a survey of analysts conducted by Reuters.
Crude oil inventories remain well above the upper end of the average range for this time of year, and are at the highest level since the week ending April 9, 1999.
"Refinery utilization was lower than everyone expected, which caused (gas and distillate) inventories to drop," Brian Kuzma, energy analyst at RBC told CNNMoney.com.
But Kuzma said he didn't expect the report to "have much impact on the future impact on crude or related products."
Several oil refineries are still not fully operational due to damage from last year's hurricanes, but other refineries are expected to be down for maintenance in April after running full throttle longer than normal to make up for petroleum product output disrupted by hurricanes Katrina and Rita.