Traders await Department of Energy crude oil and natural gas inventories report By Claudia Assis, MarketWatch SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended gains Thursday as traders focused on inventories data, hoping the government report will show a substantial decline in supplies. Crude for August delivery added $1.21, or 1.6%, to $75.27 a barrel, oil's highest price in a week. Natural gas prices were flat and reformulated gasoline futures also gained. The Department of Energy's Energy Information Administration will release its weekly report on oil inventories at 11 a.m. Eastern, a day later than usual due to the Fourth of July holiday. Traders are hopeful the official data will mirror the large decline trade group American Petroleum Institute showed on Wednesday. The API reported a decline of 7.3 million barrels in oil inventories on the week ended July 2, whereas analysts surveyed by Platts had expected a decline by 3.5 million barrels. The API also reported a decline by 100,000 barrels of gasoline inventories and a decline by 1 million barrels in distillates stockpiles. Analysts polled by Platts had forecast increases in both cases. The EIA will also report on weekly natural gas in storages, on its regular schedule. Analysts heard by Platts expect an increase of 70 to 74 billion cubic feet in stockpiles in the past week. An increase within those expectations would compare to the 74 billion cubic feet reported in the same week last year, and a five-year average addition of 80 billion cubic feet. Natural gas for August delivery was flat at $4.57 per million British thermal units. Reformulated gasoline for August delivery added 3 cents, or 1.7%, to $2.06 a gallon.

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