The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 3 million barrels for the week ended May 5. On average, analysts forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 3.2 million barrels for gasoline and 4.2 million barrels for distillates. The analyst survey had forecast supply declines of 550,000 barrels for gasoline and 1.1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 400,000 barrels for the week, the EIA said. June West Texas Intermediate crude CLM23 was down 83 cents, or 1.1%, at $72.88 a barrel on the New York Mercantile Exchange. Prices traded at $72.58 before the supply data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.