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Dec. 9, 2020, 10:40 a.m. EST

EIA reports a more than 15 million-barrel weekly jump in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 15.2 million barrels for the week ended Dec. 4. That compared with the average decline of 700,000 barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 1.1 million-barrel rise, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.4 million barrels for the week. Gasoline supply, meanwhile, climbed by 4.2 million barrels, while distillate stockpiles were up by 5.2 million barrels. The S&P Global Platts survey had forecast supply increases of 2.2 million barrels for gasoline and 1.2 million barrels for distillates. January West Texas Intermediate crude turned lower, trading down 14 cents, or 0.3%, at $45.46 a barrel on the New York Mercantile Exchange. Prices traded at $46.01 before the supply data.

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