Investor Alert

July 22, 2020, 10:36 a.m. EDT

EIA reports a weekly climb of nearly 5 million barrels in U.S. crude supplies

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 4.9 million barrels for the week ended July 17. That compared with an average forecast by analysts polled by S&P Global Platts for a decline of 1.9 million barrels. The American Petroleum Institute on Tuesday reported a climb of 7.5 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.4 million barrels for the week. Gasoline supply fell by 1.8 million barrels, while distillate stockpiles climbed by 1.1 million barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2 million barrels for gasoline and an inventory increase of 280,000 barrels for distillates. September West Texas Intermediate crude was down 46 cents, or 1.1%, at $41.46 a barrel on the New York Mercantile Exchange. Prices traded at $41.43 before the supply data.

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Oil prices pull back from 4-month high after unexpected build in U.S. supplies

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