Residual-fuel cargo prices in the New York Harbor market fell, following crude oil futures drop.

Crude oil dropped on forecasts that US stockpiles increased for the 11th time in 12 weeks as fuel consumption dropped. Supplies rose 2.5 million barrels last week, according to the median of responses by 13 analysts surveyed by Bloomberg News before today’s Energy Department report.

Residual-fuel supplies may also climb for a fourth consecutive week. In the week ended March 21, inventories of the fuel rose 699,000 barrels to 38.6 million barrels, according to Energy Department figures.

Low-pour fuel with 0.3-percent sulfur lost 50 cents to $91.38 a barrel at 3:55 p.m. New York time, according to data compiled by Bloomberg. High-pour fuel with 0.3-percent sulfur, used by the utility Consolidated Edison Inc. of New York, fell 50 cents to $84.38. A pour point is the lowest temperature at which a fuel will readily flow. Residual fuel in the US is used primarily in Florida and the Northeast to heat buildings and power factories.

Low-pour fuel oil with 0.5-percent sulfur dropped 50 cents to $80.38 a barrel. Residual fuel with a sulfur content of 0.7 percent declined $1 to $75.13 a barrel.

Fuel with 1-percent sulfur, used in Florida and parts of New England, fell $1 to $72.63. Residual fuels with 2-percent and 2.2-percent sulfur declined 75 cents to $71.38, while 2.8-percent sulfur fell $1 to $71.13 a barrel. Crude oil for May delivery fell 60 cents, or 0.6 percent, to settle at $100.98 a barrel at 2:45 p.m. on the New York Mercantile Exchange. Prices fell as low as $99.55 today. Oil is up 53 percent from a year ago. (Bloomberg)

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Residual-fuel cargo prices in the New York Harbor market fell, following crude oil futures drop.

Crude oil dropped on forecasts that US stockpiles increased for the 11th time in 12 weeks as fuel consumption dropped.

Australia’s Newcastle port, the world’s biggest coal-export harbor, increased shipments of the fuel by 6.8 percent in the first quarter, boosted by a rise in March loadings from the previous month.