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Dec. 16, 2020, 10:39 a.m. EST

EIA reports a more than 3 million-barrel weekly decline 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 3.1 million barrels for the week ended Dec. 11. That compared with the average decline of 1.9 million barrels forecast by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 1.97 million-barrel increase, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week. Gasoline supply, meanwhile, rose by 1 million barrels, while distillate stockpiles were up by 200,000 barrels. The S&P Global Platts survey had forecast supply increases of 2.6 million barrels for gasoline and 1.1 million barrels for distillates. January West Texas Intermediate crude turned higher after the data, trading up 7 cents, or nearly 0.2%, at $47.69 a barrel on the New York Mercantile Exchange. Prices were at $47.54 before the supply data.

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