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July 7, 2022, 11:12 a.m. EDT

EIA reports a more than 8 million-barrel weekly rise in U.S. crude supplies, but product stocks fall

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By Myra P. Saefong

The Energy Information Administration on Thursday reported that U.S. crude inventories climbed by 8.2 million barrels for the week ended July 1. On average, analysts expected a fall of 1.2 million barrels, according to a poll conducted by S&P Global Commodity Insights. Data were delayed by a day due to Monday's Independence Day holiday. The American Petroleum Institute on Wednesday reported a 3.8 million-barrel increase, according to sources. The EIA report also showed supply declines of 2.5 million barrels for gasoline and 1.3 million barrels for distillates. The analyst survey called for an inventory decline of 500,000 barrels for gasoline and an increase of 1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub were little changed at 21.3 million barrels for the week, the EIA said. August West Texas Intermediate crude was up $4.83, or 4.9%, at $103.36 a barrel on the New York Mercantile Exchange. It was at $103.45 before the supply data.

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