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EIA reports a second-straight weekly rise in U.S. crude supplies

Wednesday, Feb 07 2018
EIA reports a second-straight weekly rise in U.S. crude supplies

Oil prices turned lower Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose 1.9 million barrels for the week ended Feb. 2. Analysts surveyed by S&P Global Platts had forecast a climb of 2.8 million barrels, but the American Petroleum Institute on Tuesday reported a decline of 1.1 million barrels, according to sources.

Gasoline stockpiles climbed by 3.4 million barrels for the week, while distillate stockpiles also rose 3.9 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 200,000 barrels for gasoline and a fall of 800,000 barrels for distillates. March crude CLH8, -2.56% fell 25 cents, or 0.4%, to $63.14 a barrel on the New York Mercantile Exchange, down from $63.67 before the supply data.

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