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US crude oil supplies grow by 3.7 million barrels

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[May 10, 2012]  NEW YORK (AP) -- The nation's crude oil supplies increased last week, the government said Wednesday.

Crude supplies grew by 3.7 million barrels, or 1 percent, to 379.5 million barrels, which is 2.5 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected a rise of 2.2 million barrels for the week ended May 4, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies fell by 2.6 million barrels, or 1.2 percent, to 207.1 million barrels. That's 0.6 percent more than year-ago levels. Analysts expected gasoline supplies to shrink by 600,000 barrels.

Demand for gasoline over the four weeks ended May 4 was 3.2 percent lower than a year ago, averaging 8.7 million barrels a day.

U.S. refineries ran at 86.4 percent of total capacity on average, up 1.4 percentage points from the prior week. Analysts expected capacity to rise to 85.3 percent.

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Supplies of distillate fuel, which include diesel and heating oil, fell by 3.3 million barrels to 120.8 million barrels. Analysts expected distillate stocks to be unchanged.

Benchmark crude fell $1.01 to $96 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 This material may not be published, broadcast, rewritten or redistributed.

 

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