Crude futures are continuing their strength from the past couple sessions today, following a report on the status of U.S. petroleum supplies. At last check, the October crude contract was up 74 cents at $82.25 per barrel, setting yet another in a string of all-time highs on the New York Stock Exchange. Keeping pace with crude, October reformulated gasoline was up 2.97 cents at $2.09 per gallon and October heating oil traded at $2.2464 per gallon, up 0.41 cent.
Turning to the Department of Energy's report, U.S. crude supplies dropped for a fourth straight week, shedding 3.8 million barrels to 318.8 million. Meanwhile, gasoline supplies rose for the first time in seven weeks, up 400,000 barrels at 190.8 million. Distillate stocks were up 1.5 million barrels at 135.5 million barrels. However, refinery utilization fell to 89.6% of capacity from 90.5% a week ago, helping to push gasoline prices higher.