Oil futures slightly trim losses after EIA shows bigger-than-expected drop in gasoline inventories

oil futures slightly trim losses after eia shows bigger than expected drop in gasoline inventories

Oil futures trimmed losses Wednesday morning after weekly data from the Energy Information Administration showed a larger-than-expected drop in gasoline inventories, while crude inventories saw another big rise. West Texas Intermediate crude for September delivery CL.1, +0.13% CL00, +0.13% CL.1, +0.13% were down $2.08, or 2.3%, at $88.42 a barrel on the New York Mercantile Exchange, after trading at a session low of $87.66. September gasoline RBU22, +0.32% erased a loss to rise 1.1% to $2.991 a gallon. The EIA said U.S. crude inventories jumped 5 million barrels in the week ended Aug. 5, while gasoline supplies fell 5 million barrels and distillate supplies rose 2.2 million barrels. Analysts surveyed by S&P Global Commodity Insights had forecast, on average, a 600,000 barrel rise in crude inventories, a 1.2 million barrel drop for gasoline and a 900,000 barrel fall for distillates. The EIA data also showed that refinery utilization surged to 94.3% versus expectations for 91.8%.

Source: Marketwatch

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