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The recent ruling by the U.S. Supreme Court marks a significant development in the ongoing legal battle between the State of Minnesota...
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The U.S. Energy Information Administration reported weekly supply declines of 5.7 million barrels for U.S. gasoline and 1.6 million barrels for distillates. Analysts surveyed by Platts, part of S&P Global Commodity Insights, had forecast a supply decline of 1.6 million barrels for gasoline and an increase of 180,000 barrels for distillates. Demand for gasoline, meanwhile, climbed, with total finished motor gasoline supplied, a proxy for demand, at 9.182 million barrels per day in the latest week, versus 8.877 million bpd from a week earlier.
Commercial crude inventories climbed by 1.4 million barrels for the week that ended March 7, the EIA said. The data were expected to show a rise of 2 million barrels on average, according to the Platts survey. Late Tuesday, the American Petroleum Institute reported a crude inventory rise of 4.25 million barrels, according to a source citing the data.
Oil futures settled higher Wednesday, finding support from overall weakness in U.S. dollar, as well as data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.
The rise in gasoline demand helped offset global economic growth worries as investors navigated intensifying trade tensions.
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