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Nov. 4, 2020, 10:41 a.m. EST

EIA reports a weekly decline of 8 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 declined by 8 million barrels for the week ended Oct. 30. That matched the fall reported by the American Petroleum Institute on Tuesday, according to sources. On average, however, analysts polled by S&P Global Platts forecast a weekly decrease of 600,000 barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 900,000 barrels for the week. Gasoline supply, meanwhile, rose by 1.5 million barrels, while distillate stockpiles declined by 1.6 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 1.1 million barrels for gasoline and 2.4 million barrels for distillates. December West Texas Intermediate crude was up 75 cents, or 2%, at $38.41 a barrel on the New York Mercantile Exchange. Prices traded at $38.35 before the supply data.

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