EIA reports a decline in U.S. crude supplies, but product stocks rise

The Energy Information Administration reported on Wednesday that U.S. crude inventories declined by 3.4 million barrels for the week ended March 25. That followed a fall of 2.5 million barrels the week before. On average, the EIA was expected to show crude inventories down by 1.7 million barrels, according to analysts surveyed by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 3 million-barrel decrease, according to sources. The EIA also reported weekly inventory increases of 800,000 barrels for gasoline and 1.4 million barrels for distillates. The analyst survey showed expectations for weekly supply declines of 1.9 million barrels for gasoline and 1.5 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 1 million barrels for the week. May West Texas Intermediate crude was up $3.54, or 3.4%, at $107.80 a barrel on the New York Mercantile Exchange. It traded at $108.13 before the supply data.

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