EIA reports a third straight weekly climb in U.S. crude supplies
The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 6.1 million barrels for the week ended Oct. 8. That defied expectations for an average 500,000 barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 5.2 million-barrel climb, according to sources. Supply data were released a day later than usual this week due to Monday's Columbus Day holiday. The EIA also reported a weekly inventory decline of 2 million barrels for gasoline, but said distillate supplies were "virtually unchanged" last week. The S&P Global Platts survey had forecast supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.9 million barrels for the week. Oil prices pared some gains following the EIA data. November West Texas Intermediate crude was up 57 cents, or 0.7%, at $81.01 a barrel on the New York Mercantile Exchange. Futures were trading at $81.23 before the supply data.
-Myra P. Saefong
(END) Dow Jones Newswires
October 14, 2021 11:27 ET (15:27 GMT)
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