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US crude oil supplies down by 200,000 barrels

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[June 14, 2012]  NEW YORK (AP) -- The nation's crude oil supplies declined slightly last week, the government said Wednesday.

Crude supplies fell by 200,000 barrels, to 384.4 million barrels, which is 5.2 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected a drop of 2 million barrels for the week ended June 8, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies dropped by 1.7 million barrels, or 0.8 percent, to 201.8 million barrels. That's 6.2 percent less than year-ago levels. Analysts expected gasoline supplies to increase by 1 million barrels.

Demand for gasoline over the four weeks ended June 8 was 4.5 percent lower than a year earlier, averaging 8.8 million barrels a day.

U.S. refineries ran at 92 percent of total capacity on average, up 3.3 percentage points from the prior week. Analysts expected capacity to fall to 88.4 percent.

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Supplies of distillate fuel, which include diesel and heating oil, decreased by 100,000 barrels to 120 million barrels. Analysts expected distillate stocks to grow by 1 million barrels.

Benchmark crude rose 13 cents to $83.45 a barrel in New York.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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