EIA reports a weekly decline of more than 3 million barrels in U.S. crude supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 3.2 million barrels for the week ended Aug. 13. On average, analysts polled by S&P Global Platts forecast a decline of 3.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 1.2 million-barrel decline, according to sources. The EIA reported a weekly inventory increase of 700,000 barrels for gasoline, while distillate stockpiles fell by 2.7 million barrels. The S&P Global Platts survey forecast supply decline of 2.3 million barrels for gasoline, while distillate stocks were expected to rise by 700,000 barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1 million barrels for the week. September West Texas Intermediate crude was up 2 cents, or less than 0.1%, at $66.61 a barrel on the New York Mercantile Exchange. Futures were trading at $66.52 before the supply data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

EIA reports a weekly decline of more than 3 million barrels in U.S. crude supplies
The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 3.2 million barrels for the week ended Aug. 13. On average, analysts polled by S&P Global Platts forecast a decline of 3.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 1.2 million-barrel decline, according to sources. The EIA reported a weekly inventory increase of 700,000 barrels for gasoline, while distillate stockpiles fell by 2.7 million barrels. The S&P Global Platts survey forecast supply decline of 2.3 million barrels for gasoline, while distillate stocks were expected to rise by 700,000 barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1 million barrels for the week. September West Texas Intermediate crude was up 2 cents, or less than 0.1%, at $66.61 a barrel on the New York Mercantile Exchange. Futures were trading at $66.52 before the supply data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.