* Surprise drop in gasoline, distillates stocks-EIA
* Q3 Goldman Sachs profit quadruples, shares fall
(Updates prices, adds NOAA winter forecast)
NEW YORK, Oct 15 (Reuters) - Oil prices jumped more than 3
percent on Thursday, touching a one-year high after government
data showed a steep, unexpected drop in U.S. gasoline and
distillate inventories.
Gasoline inventories fell by 5.2 million barrels in the
week to Oct. 9 against analyst expectations for a build,
according to the U.S. Energy Information Administration, while
distillate stockpiles also fell unexpectedly. []
U.S. inventories of crude rose slightly.
U.S. crude <CLc1> for November delivery rose $2.31 to
$77.49 a barrel by 2:31 p.m. EDT (1831 GMT), after climbing as
high as $77.97, its highest since Oct. 15, 2008.
London Brent crude <LCOc1> gained $1.34 to $74.44 a
barrel.
Energy markets have been looking for signs of a rebound in
demand, which has been battered by the global economic crisis.
The EIA report showed demand for gasoline rising and total
products rose against year-ago levels last week, but analysts
said the main reason for the draw in product inventories was
the steep drop in refinery runs.
"What stands out is the big draw in the gasoline," said
Gene McGillian, analyst for Tradition Energy, in Stamford,
Connecticut.
"But when you look at the numbers more closely, you see
that there was such a large decline in refinery utilization
rates, it makes you wonder how bullish this is for the crude
market (if) they are dropping refinery rates because there are
no good margins in cracking oil anymore," he added.
The National Oceanic and Atmospheric Administration on
Thursday in its winter forecast said that the Northeast United
States, the world's largest heating oil market, could
experience anything from below average, to normal, to above
average temperatures this winter. []
Elsewhere, NOAA said it expects temperatures to be above
normal across much of the western and central United States and
below average in the Southeast and Mid-Atlantic.
Energy shares got a boost on Thursday as the crude price
jumped, lifting equities markets.
Crude fell earlier in the session after data came out
showing Goldman Sachs' <GS.N> quarterly earnings nearly
quadrupled, but its shares fell on disappointment that so much
of the profit came from trading gains that might not be
sustainable. []
Oil traders have been watching equities markets as well as
broader economic data for signs of an end to the recession,
which could lift fuel demand.
U.S. Labor Department data showed initial claims for state
unemployment benefits in the United States fell unexpectedly by
10,000 to a seasonally adjusted 514,000 in the week ended Oct.
10, the fifth such decline in the last six weeks.
[]
Crude is now in positive territory on a year-on-year basis
for the first time since Oct. 10, 2008. The six straight days
of gains mark its longest winning streak since July.
For a graphic showing oil's year-on-year performance,
click:
http://graphics.thomsonreuters.com/109/CMD_OILPST1009.gif
For a graphic showing the oil price against world oil
consumption, click here:
http://graphics.thomsonreuters.com/109/CMD_OILDDM1009.gif
For a graphic showing the oil price and days supply, click
here: http://graphics.thomsonreuters.com/109/CMD_OILSP1009.gif
(Reporting by Matthew Robinson, Gene Ramos, and Robert Gibbons
in New York and Christopher Baldwin in London; Editing by
Christian Wiessner)
