EIA reports a weekly decline in U.S. crude supplies

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The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 400,000 barrels for the week ended July 15. On average, analysts expected a decline of 200,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 1.9 million-barrel increase, according to sources. The EIA report showed a supply increase of 3.5 million barrels for gasoline, while distillate stockpiles fell by 1.3 million barrels. The analyst survey called for inventory gains of 400,000 barrels for gasoline and 800,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week, the EIA said. August West Texas Intermediate crude CLQ22, -0.69% was down $1.77, or 1.7%, at $102,45 a barrel on the New York Mercantile Exchange, ahead on the contract’s expiration at the end of the trading session. It was at $102.85 before the supply data.

This article was originally published by Marketwatch.com. Read the original article here.

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