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July 29, 2020, 10:37 a.m. EDT

EIA reports a weekly decline of more than 10 million barrels in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 10.6 million barrels for the week ended July 24. That compared with an average forecast by analysts polled by S&P Global Platts for a decline of 1.2 million barrels. The American Petroleum Institute on Tuesday reported a decline of 6.8 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.3 million barrels for the week. Gasoline supply, however, edged up by 700,000 barrels, while distillate stockpiles rose by 500,000 barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2 million barrels for gasoline and for inventories of distillates to stand unchanged for the week. September West Texas Intermediate crude was up 35 cents, or 0.9%, at $41.39 a barrel on the New York Mercantile Exchange. Prices traded at $41.32 before the supply data.

Read the full story:
Oil prices get a lift as EIA reports the biggest weekly U.S. crude supply decline of the year

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