The Energy Information Administration on Wednesday reported that U.S. crude inventories climbed last week, defying some expectations for a sizable decline, while gasoline and distillate supplies posted declines. The government agency reported that crude inventories edged up by 1.1 million barrels for the week ended March 17. On average, analysts forecast a decline of 5.5 million barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 6.4 million barrels for gasoline and 3.3 million barrels for distillates. The analyst survey had forecast supply decreases of 2 million barrels for gasoline and 1.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.1 million barrels for the week, the EIA said. May West Texas Intermediate crude CLK23 was down 3 cents, or less than 0.1%, at $69.64 a barrel on the New York Mercantile Exchange. It was at $69.30 before the supply data.
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