U.S. crude-oil inventories rise, but gasoline supply declines

0
61

Oil futures remained higher Wednesday after government data showed a rise in U.S. crude inventories but an unexpected fall in gasoline stocks. West Texas Intermediate crude for July delivery CL.1, +0.09% CL00, +0.09% CLN22, +0.09% was up 50 cents, or 0.4%, at $119.91 a barrel on the New York Mercantile Exchange. The Energy Information Administration said U.S. crude inventories fell 2 million barrels in the week ended June 3, while gasoline stocks fell 800,000 barrels and distillate inventories rose 2.6 million barrels. Analysts surveyed by S&P Global Commodity Insights had looked for crude inventories to fall by 2.9 million barrels, while gasoline stocks were seen up 2 million barrels and distillate stocks up by 800,000 barrels. The American Petroleum Institute, an industry trade group, late Tuesday had reported a 1.85 million barrel rise in crude stocks, a 1.82 million barrel increase in gasoline stocks, and a 3.38 million barrel jump in distillates, according to a source.

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

Previous articleTwitter stock inches higher after report indicates company could share more data with Musk
Next articleThe Wall Street Journal: Abbott Labs reportedly aware of problems at baby-formula factory in Michigan months earlier than known

LEAVE A REPLY

Please enter your comment!
Please enter your name here