US crude oil supplies fell last week

[February 16, 2012]  NEW YORK (AP) -- The nation's crude oil supplies decreased last week, the government said Wednesday.

Crude supplies shrank by 200,000 barrels, or 0.1 percent, to 339.1 million barrels, which is 2 percent below year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected an increase of 1.9 million barrels for the week ended Feb. 10, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies grew by 400,000 barrels, or 0.2 percent, to 232.2 million barrels. That's 3.7 percent lower than year-ago levels. Analysts expected gasoline supplies to increase by 600,000 barrels.

Demand for gasoline over the four weeks ended Feb. 10 was 6.4 percent lower than a year earlier, averaging 8.1 million barrels a day.

U.S. refineries ran at 84 percent of total capacity on average, up 1.2 percentage points from the prior week. Analysts expected capacity to fall to 82.2 percent.

Supplies of distillate fuel, which include diesel and heating oil, fell by 2.9 million barrels to 143.7 million barrels. Analysts expected distillate stocks to decrease by 600,000 barrels.

Benchmark crude rose $1 to $101.74 a barrel in New York.

[Associated Press]

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