You're SO CRUDE

Crude, heating-oil soar to new records
By Myra P. Saefong, CBS.MarketWatch.comLast Update: 11:28 AM ET Oct. 14, 2004
SAN FRANCISCO (CBS.MW) -- Crude futures broke an intraday record high above $54 a barrel and heating-oil futures topped $1.50 a gallon for the first time ever in New York with the latest weekly U.S. inventory data feeding concerns over heating-fuel supplies ahead of the winter season.
The Energy Department reported a 2.5 million-barrel decline in distillate supplies for the week ended Oct. 8. Total stocks, which include heating oil, stand at 120.9 million barrels.
The American Petroleum Institute confirmed the decline, showing a 2.9 million-barrel fall to total 118 million barrels for the week. Most analysts expected smaller declines.
"These numbers did nothing to alleviate fears over heating-oil supplies," said Phil Flynn, a senior analyst at Alaron Trading.
Crude for November delivery rose to a high of $54.60 a barrel on the New York Mercantile Exchange, breaking above Tuesday's record of $54.45. It was last up 56 cents at $54.20 a barrel.
November heating oil climbed as high as $1.534 a gallon, also a fresh futures record. The contract has broken intraday records for at least the last week. It was last at $1.523, up 2.39 cents.
November unleaded gasoline followed suit, to trade at $1.45 a gallon, up 0.67 cent.
Last week's crude inventories were up 4.2 million barrels at 278.2 million, according to the Energy Department. The API posted a 3.7 million-barrel increase and pegged total stocks at 276.9 million. The figures came in higher than expected.
But the government's reported build in crude supplies nearly matches the number the Energy Department said it would loan to refineries from the Strategic Petroleum Reserve, Flynn said.
"We know heating oil didn't build despite the extra crude out there [because] a lot of that oil may have been loaned to the refiners," he said.
Gasoline stocks were up 1.2 million barrels at 200.6 million, according to the government data. They were up 537,000 barrels at 199.8 million, according to the API. Many analysts expected a decline in stocks.
Natural gas edge lower
Also on Nymex, natural-gas futures moved lower after a weekly update showed a rise in U.S. supplies within market expectations.
November natural gas was down 4.1 cents at $6.81 per million British thermal units.
The Energy Department said U.S. natural-gas stocks rose by 67 billion cubic feet for the week ended Oct. 8. Analysts at Global Insight expected a climb of 65 billion, while energy-forecasting firm Enercast.com anticipated a 66 billion cubic foot climb.
Total stocks now stand at 3.159 trillion cubic feet, up 178 billion cubic feet from the year-ago level, and up 211 billion cubic feet from the five-year average, the government data said.
In equities, oil shares were mainly higher, with the Philadelphia Oil Service Index ($OSX: news, chart, profile) leading the way among sector benchmarks. See Energy Stocks.
In Nymex metals trading, gold futures headed higher on renewed weakness in the dollar. See Metals Stocks.
The Reuters/CRB index, a broad measure of commodity futures markets, was up 0.2 percent at 283.04 points.