EIA reports bigger-than-expected crude supply rise
Posted: Thu Mar 28, 2013 5:27 pmEIA reports bigger-than-expected crude supply rise
SAN FRANCISCO (MarketWatch) -- Oil futures continued to trade lower Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies that was about double market expectations. Crude supplies rose 3.3 million barrels for the week ended March 22. Analysts polled by Platts expected a 1.6 million-barrel climb. Motor gasoline supplies fell by 1.6 million barrels, matching analysts' expectations, while distillate stockpiles declined by 4.5 million barrels, compared with forecasts for a decline of 700,000 barrels in distillate supplies. Following the latest data, May crude traded at $95.90 a barrel, down 44 cents, or 0.5%. It was trading around $95.85 shortly before the report. The American Petroleum Institute reported late Tuesday a 3.7-million barrel rise in crude supplies.
SAN FRANCISCO (MarketWatch) -- Oil futures continued to trade lower Wednesday after the U.S. Energy Information Administration reported a climb in crude supplies that was about double market expectations. Crude supplies rose 3.3 million barrels for the week ended March 22. Analysts polled by Platts expected a 1.6 million-barrel climb. Motor gasoline supplies fell by 1.6 million barrels, matching analysts' expectations, while distillate stockpiles declined by 4.5 million barrels, compared with forecasts for a decline of 700,000 barrels in distillate supplies. Following the latest data, May crude traded at $95.90 a barrel, down 44 cents, or 0.5%. It was trading around $95.85 shortly before the report. The American Petroleum Institute reported late Tuesday a 3.7-million barrel rise in crude supplies.