Oil and Gas Supplies Dropped Last Weekadmin
Crude-oil inventories fell last week for the fifth straight week, while gasoline stockpiles unexpectedly dropped.
For the week ended June 13, crude-oil inventories fell by 1.2 million barrels, or 0.4 percent, to 301 million barrels — 14.2 percent below year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected a larger draw of 2 million barrels, according to a survey by Platts, the energy research arm of McGraw-Hill Cos.
Gasoline inventories fell by 1.2 million barrels, or 0.6 percent, to 208.9 million barrels, which were 2.6 percent above year-ago levels. Analysts expected stockpiles of the motor fuel to grow by 950,000 barrels.
Demand for gasoline over the four weeks ended June 13 was 1.8 percent lower than a year earlier, averaging nearly 9.3 million barrels a day.