The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 1.9 million barrels for the week ended March 4. On average, the EIA was expected to show crude inventories down by 700,000 barrels, according to analysts surveyed by S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 2.8 million-barrel increase, according to sources. The EIA also reported weekly inventory declines of 1.4 million barrels for gasoline and 5.2 million barrels for distillates. The analyst survey showed expectations for weekly supply declines of 2.2 million barrels for gasoline and 1.8 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 600,000 barrels for the week. April West Texas Intermediate crude was down $5.85, or 4.7%, at $117.85 a barrel on the New York Mercantile Exchange. It traded at $117.75 before the supply data, with prices easing back from Tuesday, when they climbed to their highest levels in nearly 19 months.
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.
