EIA data show declines in weekly U.S. crude, gasoline and distillate supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 2.6 million barrels for the week ended Feb. 25. On average, the EIA was expected to show crude inventories up by 2.3 million barrels, according to analysts surveyed by Platts of S&P Global Commodity Insights. The American Petroleum Institute on Tuesday reported a 6.1 million-barrel decrease, according to sources. The EIA also reported weekly inventory declines of 500,000 barrels for gasoline and 600,000 barrels for distillates. The analyst survey showed expectations for weekly supply declines of 1.8 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 1 million barrels for the week. April West Texas Intermediate crude CLJ22, +4.54% was up $5.42, or 5.2%, at $108.83 a barrel on the New York Mercantile Exchange. It traded at $108.28 before the supply data, buoyed by ongoing risks tied to Russia’s invasion of Ukraine.