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Oct. 21, 2020, 10:40 a.m. EDT

EIA data show U.S. crude supplies down a second week

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 1 million barrels for the week ended Oct. 16. That followed a 3.8 million-barrel decline the week before. On average, analysts polled by S&P Global Platts forecast a weekly decrease of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 584,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1 million barrels for the week. Gasoline supply, meanwhile, climbed by 1.9 million barrels, while distillate stockpiles fell by 3.8 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 1.6 million barrels for gasoline and 3 million barrels for distillates. December West Texas Intermediate crude was down 77 cents, or 1.9%, at $40.93 a barrel on the New York Mercantile Exchange. Prices traded at $41.01 before the supply data.

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