The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 12.5 million barrels for the week ended May 19. That compared to an average decline of 500,000 barrels forecast by analysts polled by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 2.1 million barrels for gasoline and 600,000 barrels for distillates. Analysts had forecast a weekly fall of 800,000 barrels for gasoline and distillates stockpiles were expected to be unchanged for the week. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 1.7 million barrels for the week, the EIA said.
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.