EIA reports weekly declines in U.S. crude, gasoline and distillate supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 2.5 million barrels for the week ended March 18. On average, the EIA was expected to show crude inventories unchanged for the week, according to analysts surveyed by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 4.3 million-barrel decrease, according to sources. The EIA also reported weekly inventory declines of 2.9 million barrels for gasoline and 2.1 million barrels for distillates. The analyst survey showed expectations for weekly supply declines of 1.7 million barrels for gasoline and 1.4 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week. May West Texas Intermediate crude was up $4.48, or 4.1%, at $113.75 a barrel on the New York Mercantile Exchange. It traded at $113.47 before the supply data.

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