Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies dropped by 5.4 million barrels for the week ended Aug. 25, following declines in each of the last eight weeks. That’s more than the forecast for a decline of 1.5 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday a decline of 5.8 million barrels, according to sources. Gasoline stockpiles were unchanged for the week, while distillate stockpiles edged up by 700,000 barrels, according to the EIA. The data on the products defied survey forecasts for a decline of 1.9 million barrels for gasoline and a fall of 600,000 barrels for distillates. October crude was down 32 cents, or 0.7%, at $46.12 a barrel on the New York Mercantile Exchange. Prices traded at $46.16 before the supply data. September gasoline traded at $1.90 a gallon, up 11.7 cents, or 6.5%, ahead of the contract’s expiration Thursday.
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