UPDATE: EIA reports a weekly decline of more than 4 million barrels in U.S. crude supplies
The Energy Information Administration reported Wednesday (http://ir.eia.gov/wpsr/wpsrsummary.pdf) that U.S. crude inventories fell by 4.4 million barrels for the week ended Sept. 11. That was larger than the average forecast from analysts polled by S&P Global Platts for a decline of 1.8 million barrels, but the American Petroleum Institute on Tuesday (http://www.marketwatch.com/story/api-data-show-a-weekly-drop-of-more-than-9-million-barrels-in-us-crude-supplies-sources-say-2020-09-15) had reported a drop of 9.5 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 100,000 barrels for the week. Gasoline supply, meanwhile, fell by 400,000 barrels, while distillate stockpiles rose by 3.5 million barrels. The S&P Global Platts survey had shown expectations for a supply drop of 7 million barrels for gasoline, while distillates were expected to rise by 500,000 barrels. October West Texas Intermediate crude was up 93 cents, or 2.4%, at $39.21 a barrel on the New York Mercantile Exchange. Prices traded at $39.43 before the supply data (http://www.marketwatch.com/story/oil-prices-jump-as-inventories-fall-hurricane-curtails-production-2020-09-16).
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 16, 2020 14:55 ET (18:55 GMT)
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