The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 600,000 barrels for the week ended April 7. That followed declines in each of the last two weeks. On average, analysts forecast a climb of 700,000 barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 300,000 barrels for gasoline and 600,000 barrels for distillates. The analyst survey had forecast a supply decrease of 900,000 barrels for gasoline and increase of 2 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 400,000 barrels for the week, the EIA said. May West Texas Intermediate crude was up $1.17, or 1.4%, at $82.70 a barrel on the New York Mercantile Exchange. Prices traded at $82.64 before the supply data.
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