Crude Inventories Plunge As Gasoline Reserves Soar

ERNEST SCHEYDER

NEW YORK (AP) — Crude inventories plunged more than expected last week, though gas reserves surged even as consumers drove more, the government said Wednesday, news that adds even more complexity to the already-jilted commodities markets.

Crude inventories fell by 3.9 million barrels, or 1.1 percent, to 357.7 million barrels, which is 19.3 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts had expected a drop of 1.7 million barrels for the week ended June 12, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. ...