NEW YORK (CNN/Money) - Inventories of distillates used in heating oil were unchanged last week, a government report said Wednesday, disappointing analysts who were expecting an increase.
U.S. crude for January delivery spiked as high as $43 a barrel on the New York Mercantile Exchange after the report. At 10:42 a.m. ET, the price was up 98 cents to $42.80.
Crude inventories fell by 100,000 barrels last week to 293.8 million, the Energy Information Administration said, while inventories of distillates held steady at 119.3 million barrels.
U.S. crude oil inventories are in the middle of the average range for this time of year, the Energy Information Administration said in a release. Analysts had forecast a fall of 1.5 million barrels, according to a survey by Briefing.com.
Distillate fuel inventories were just below the lower end of the average range for this time of year, said the EIA report. Analysts were expecting a 1.0 million barrel rise in distillate fuel.
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