: EIA reports a bigger-than-expected weekly decline in U.S. crude supplies
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 4.6 million barrels for the week ended April 14. On average, analysts forecast a decline of 400,000 barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed a weekly inventory gain of 1.3 million barrels for gasoline, while distillate stockpiles edged down by 400,000 barrels. The analyst survey had forecast supply decreases of 1.6 million barrels for gasoline and 600,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1 million barrels for the week, the EIA said. May West Texas Intermediate crude CLK23 was down $1.39, or 1.7%, at $79.47 a barrel on the New York Mercantile Exchange. Prices traded at $79.40 before the supply data.
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