U.S. oil futures climb as EIA reports a nearly 11 million-barrel fall in weekly U.S. crude supplies- 24 July 2019

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10.8 million barrels for the week ended July 19. That was more than double the 4.4 million-barrel decline expected by analysts polled by S&P Global Platts.


The American Petroleum Institute on Tuesday reported an 11 million-barrel drop, according to sources. The EIA data also showed that gasoline inventories were down by 200,000 barrels, while distillate stockpiles rose by 600,000 barrels last week.


The S&P Global Platts survey had shown expectations for a supply decrease of 1.1 million barrels for gasoline, while distillates were forecast to rise by 1.7 million barrels.


September West Texas Intermediate crude was up 64 cents, or 1.1%, to $57.41 a barrel on the New York Mercantile Exchange. Prices were trading at $57.20 before the supply data (link).