The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 8 million barrels for the week ended April 15. The EIA was expected to show crude inventories up by 2.2 million barrels, according to Marshall Steeves, energy markets analyst at S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 4.5 million-barrel decline, according to sources. The EIA reported weekly inventory declines of 800,000 barrels for gasoline and 2.7 million barrels for distillates. Steeves pegged forecasts at a 1.2 million-barrel decline for gasoline and 1 million-barrel fall for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 100,000 barrels for the week. May West Texas Intermediate crude was up 28 cents, or 0.3%, at $102.84 a barrel on the New York Mercantile Exchange ahead of the contract’s expiration at the end of the trading session. It was at $102.32 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.
