The analyst survey had forecast supply declines of 550,000 barrels for gasoline and 1.1 million barrels for distillates.Ĭrude stocks at the Cushing, Okla., Nymex delivery hub edged up by 400,000 barrels for the week, the EIA said, while oil supplies in the SPR rose 2.9 million barrels. The EIA report showed weekly inventory declines of 3.2 million barrels for gasoline and 4.2 million barrels for distillates. Still, “the anticipation of rising refinery run rates in the coming weeks, and therefore higher domestic output of diesel and gasoline, is likely to continue to help offset the perceived bullishness” of the EIA’s reported draws to fuel stocks, Vincent said. Product stocks, meanwhile, saw sizeable declines from “strengthening domestic demand and product net exports jumping 8.5% on the week” to over 4.3 million barrels per day, while domestic refining remains restrained, he said. The EIA’s data showed “crude exports have slowed amid Brent’s narrowing premium to WTI, allowing for the entirety of the near 3 million barrels released from the to accumulate into commercial stocks last week,” Troy Vincent, senior market analyst at DTN, told MarketWatch. On average, analysts forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. commercial crude inventories rose by 3 million barrels for the week ending May 5. On Wednesday, the Energy Information Administration reported the first weekly increase in crude supplies in four weeks. Rose 0.6% to $2.49 a gallon, while June heating oilĭropped nearly 3.4% to $2.19 per million British thermal units. The global benchmark, lost $1.03, or 1.3%, at $76.41 a barrel on ICE Futures Europe. West Texas Intermediate crude for June deliveryįell $1.15, or 1.6%, to settle at $72.56 a barrel on the New York Mercantile Exchange.
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