Build in Gasoline Inventories Created by Demand Destruction

“(Reuters) – Oil fell across the board on Wednesday, led by a 6 percent fall in New York gasoline futures prices, as U.S. oil data showed an unexpected rise in stocks of the auto fuel and a sharp rise increase in crude inventories.

U.S. crude slipped more than $3 following the release of the U.S. Energy Information Administration data and it was trading $2.51 lower at $101.37 a barrel by 1509 GMT.

ICE Brent crude futures were $2.34 lower at $115.22, having topped $118 earlier.

New York RBOB gasoline fell by more than 7 percent by the same time, while New York heating and ICE gasoil were about 1 percent lower.

U.S. crude oil stocks rose 3.78 million barrels in the week to May 6, much higher than the 1.4 million barrel build forecast, the report showed.

Gasoline stocks rose 1.28 million barrels versus a forecast for a 200,000 barrel drop, halting the drawdown in the previous 11 weeks.”

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