US crude oil supplies down by 4.7 million barrels

AP News
Posted: Oct 19, 2011 11:13 AM
US crude oil supplies down by 4.7 million barrels

The nation's crude oil supplies declined last week, the government said Wednesday.

Crude supplies dropped by 4.7 million barrels, or 1.4 percent, to 332.9 million barrels, which is 7.8 percent below year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected an increase of 1.75 million barrels for the week ended Oct. 14, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies fell by 3.3 million barrels, or 1.6 percent, to 206.3 million barrels. That's 6 percent below year-ago levels. Analysts expected gasoline supplies to shrink by 1.25 million barrels.

Demand for gasoline over the four weeks ended Oct. 14 was 1.5 percent lower than a year earlier, averaging nearly 8.9 million barrels a day.

U.S. refineries ran at 83.1 percent of total capacity on average, 1.1 percentage points down from the prior week. Analysts expected capacity to decline to 84 percent.

Supplies of distillate fuel, which include diesel and heating oil, fell by 4.3 million barrels to 149.7 million barrels. Analysts expected distillate stocks to decline by 1.1 million barrels.

In morning trading benchmark crude rose 47 cents to $89 a barrel in New York.