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Oil supplies down 12 mln barrels last week: API

Published: January 4, 2013 | 9:03 am
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January 03, 2013
SAN FRANCISCO (MarketWatch) — Crude-oil supplies dropped by 12 million barrels for the week ended Dec. 28, according to a report from the American Petroleum Institute issued late Thursday. Analysts polled by Platts were looking for a 1 million-barrel decline in crude-oil supplies. Gasoline inventories rose 3.3 million barrels and distillate stocks were up 6.7 million barrels, the report from the trade group said. Analysts forecast a rise of 2.3 million barrels in gasoline inventories and a climb of 1.6 million barrels in distillate supplies. The API data come ahead of the more closely watched U.S. Energy Information Administration report due Friday. The reports from the API and EIA were delayed due to the New Year’s Day holiday. Ahead of the API data, February crude (US:clg3) settled at $92.92 a barrel, down 0.2%.

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