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EIA reports a fall in U.S. crude supplies for a second week in a row


Wednesday, 16 May 2018 21:42 WIB

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The U.S. Energy Information Administration reported Wednesday that crude supplies declined by 1.4 million barrels for the week ended May 11.

Analysts surveyed by S&P Global Platts had forecast a decline of 2.3 million barrels, but the American Petroleum Institute on Tuesday reported a rise of nearly 4.9 million barrels, according to sources.

June crude was down 31 cents, or 0.4%, to $71 a barrel on the New York Mercantile Exchange, up from $70.73 before the supply data.

Gasoline stockpiles fell by 3.8 million barrels for the week, while distillate stockpiles inched down by 100,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines 2 million barrels for gasoline and 1.3 million barrels for distillates.

Source: Marketwatch


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