Oil futures pare gains as EIA reports a drop in U.S. crude supplies, but gasoline stockpiles climb

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 5.2 million barrels for the week ended June 4. On average, analysts polled by S&P Global Platts had forecast a decline of 4.1 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 2.1 million-barrel decrease, according to sources. The EIA, however, also reported that gasoline supply climbed by 7 million barrels, while distillate stockpiles rose by 4.4 million barrels for the week.

The S&P Global Platts survey had expected weekly supply gains of 1 million barrels for gasoline and 400,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week. Oil prices pared some of their early gains after the data, with July West Texas Intermediate crude CLN21, 0.19% up 17 cents, or 0.3%, at $70.22 a barrel on the New York Mercantile Exchange. Futures were trading at $70.32 before the supply data.