Reply #69: Sector Snap: Oil Refiners Rise on Report

[citizen snips]

NEW YORK (AP) -- Oil refiner shares regained some ground Wednesday as oil prices fell and a government report showed a decline in refined-product inventories.

The stock gains came despite the fact that the Energy Department report also showed lower demand for refined products over the last four weeks compared with the same period a year ago.

Light, sweet crude for April delivery fell $4.41 to $105.01 a barrel on the New York Mercantile Exchange, extending a decline that began before the Energy Department report was released.

In its weekly inventory report, the Energy Department's Energy Information Administration said gasoline inventories fell by 3.5 million barrels, when analysts had expected a small increase. Supplies of distillates, which include heating oil and diesel fuel, fell by 2.9 million barrels, more than double the expected amount.

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http://biz.yahoo.com/ap/080319/apfn_refining_stocks_sector_snap.html