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NEW YORK (CNN/Money) -
Crude prices tumbled Wednesday, after touching a record high, following a government report that showed crude supplies rose more than expected, but gasoline and distillate inventories shrank more than forecast.
U.S. light sweet crude for September delivery was down 16 cents at $62.08 on the New York Mercantile Exchange.
Immediately following the government's weekly fuel inventory report, the contract set an intraday high of $62.50 a barrel on the New York Mercantile Exchange, then slid as much as $1.
The previous trading record for oil was set Monday at $62.30.
"The report was mixed," said Bill O'Grady, assistant director of market analysis at AG Edwards & Sons. "It was neutral to bearish for crude and neutral for distillates, and it was supportive for gasoline."
Crude oil inventories inched up by 200,000 barrels in the week ended July 29, according to the Energy Information Administration, ending four straight weeks of draws on crude supply.
Inventories were expected to have fallen a modest 1.6 million barrels in the week, according to analysts surveyed by Reuters. And O'Grady said that it is usual to see crude draws at this time of year.
According to the report, at 318.0 million barrels crude inventories remain above the upper end of the average range for this time of year.
Gasoline, distillates miss the mark
While gasoline and distillate inventories showed larger than expected draws, some analysts chalked the drop up to a spate of unusual disruptions at refineries.
Total motor gasoline inventories fell by 4 million barrels last week, according to the EIA, much more than estimates for a 900,000 barrel dip. Over the last four weeks, motor gasoline demand has averaged nearly 9.5 million barrels per day, or 1.1 percent above the same period last year, the report said.
Gasoline futures rallied, with the front-month contract up 3.04 cents at $1.8120 on the NYMEX.
The sharp draw during the peak summer driving season cast a pall over the fact that refining production and imports have improved over the past few weeks. And the EIA said gasoline stocks are in the lower half of the average range for this time of year.
But O'Grady said that it's not unusual to see a last rally in gasoline futures in the run up to Labor Day.
Distillate inventories rose by 1.5 million barrels last week, the report said, just short of an estimated 1.9 million barrel rise.
Distillate inventories are near the upper end of the average range for this time of year, the EIA said, adding that a sharp increase in low-sulfur diesel fuel offset a decline in high-sulfur heating oil.
Total oil refinery inputs averaged over 16 million barrels per day during the week, up 283,000 barrels per day from the previous week; and refineries operated at 95.8 percent of capacity, said the EIA.
Gasoline and distillate fuel production decreased slightly, the report said.
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