The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 5 million barrels for the week ended May 12. That compared to an increase of 2.5 million barrels forecast by Robert Yawger, director of energy futures at Mizuho Securities USA. The EIA report showed a weekly inventory decline of 1.4 million barrels for gasoline, while distillate stockpiles edged up by 100,000 barrels. Yawger had forecast weekly declines of 2 million barrels each for gasoline and distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 1.5 million barrels for the week, the EIA said. Oil futures pared some of their early gains, with June West Texas Intermediate crude
CLM23,
up 76 cents, or 1.1%, at $71.62 a barrel on the New York Mercantile Exchange. Prices traded at $71.84 before the supply data.
