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June 23, 2021, 10:40 a.m. EDT

EIA reports a nearly 8 million-barrel decline in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 7.6 million barrels for the week ended June 18. On average, analysts polled by S&P Global Platts forecast a decline of 6.3 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 7.2 million-barrel decrease, according to sources. The EIA also reported that gasoline supplies fell by 2.9 million barrels, while distillate stockpiles rose by 1.8 million barrels for the week. The S&P Global Platts survey forecast supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 1.9 million barrels for the week. Oil prices pared some of their early gains, with August West Texas Intermediate crude up 83 cents, or 1.1%, at $73.68 a barrel on the New York Mercantile Exchange. Futures were trading at $73.80 before the supply data.

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