US crude oil supplies grew by 2.8 million barrels

AP News
Posted: May 02, 2012 10:52 AM
US crude oil supplies grew by 2.8 million barrels

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

Crude inventories grew by 2.8 million barrels, or 0.8 percent, to 375.9 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 an increase of 2.5 million barrels for the week ended April 27, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies fell by 2 million barrels, or 0.9 percent, to 209.7 million barrels. That's 2.5 percent more than year-ago levels. Analysts expected gasoline supplies to shrink by 1 million barrels.

Demand for gasoline over the four weeks ended April 27 was 4.7 percent lower than a year earlier, averaging 8.7 million barrels a day.

U.S. refineries ran at 86 percent of total capacity on average, up 1.3 percentage points from the prior week. Analysts expected capacity to rise to 85.1 percent.

Supplies of distillate fuel, which include diesel and heating oil, decreased by 1.9 million barrels to 124 million barrels. Analysts expected distillate stocks to drop by 400,000 barrels.

Benchmark crude fell 76 cents to $105.40 a barrel in New York.