The Energy Information Administration on Thursday reported that U.S. crude inventories rose by 7.6 million barrels for the week ended Feb. 17. On average, analysts forecasted a climb of 1 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA report, which was released a day later than usual due to Monday’s Presidents Day holiday, also showed a weekly inventory decline of 1.9 million barrels for gasoline, while distillate supplies rose by 2.7 million barrels. The analyst survey had forecast inventory declines of 400,000 barrels for gasoline and 1.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 700,000 barrels for the week, the EIA said. April West Texas Intermediate crude CLJ23 was up $1.39, or 1.9%, at $75.34 a barrel on the New York Mercantile Exchange. It was at $75.65 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.