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April 1, 2020, 10:36 a.m. EDT

EIA reports weekly U.S. crude supplies up by nearly 14 million barrels

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By Myra P. Saefong

Data from the Energy Information Administration on Wednesday revealed that U.S. crude supplies rose by 13.8 million barrels for the week ended March 27, marking a 10th straight weekly increase. Analysts polled by S&P Global Platts expected the data to show a rise of 4.6 million barrels. The American Petroleum Institute on Tuesday reported a climb of 10.5 million barrels, according to sources. The EIA data showed a supply increase of 7.5 million barrels for gasoline and a decline of 2.2 million barrels for distillates. The S&P Global Platts survey had shown expectations for a supply rise of 3.6 million barrels for gasoline, but distillate stockpiles were expected to fall by 600,000 barrels. May West Texas Intermediate crude was down 26 cents, or 1.3%, at $20.22 a barrel on the New York Mercantile Exchange. It was trading at $20.35 before the supply data.

Read the full story:
Oil begins April on down note as U.S. supplies climb a 10th week in a row

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