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Nov. 12, 2020, 11:07 a.m. EST

EIA reports an unexpected weekly climb in U.S. crude supplies

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By Myra P. Saefong

The Energy Information Administration reported Thursday that U.S. crude inventories climbed by 4.3 million barrels for the week ended Nov. 6. The data, which were released a day later than usual because of Wednesday's Veterans Day holiday, defied expectations for a 3 million-barrel decline forecast by analysts polled by S&P Global Platts. The American Petroleum Institute reported on Tuesday a fall of 5.1 million barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 500,000 barrels for the week. Gasoline supply, meanwhile, fell by 2.3 million barrels, while distillate stockpiles declined by 5.4 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 600,000 barrels for gasoline and 2 million barrels for distillates. December West Texas Intermediate crude was up 16 cents, or 0.4%, at $41.61 a barrel on the New York Mercantile Exchange. Prices traded at $42.09 before the supply data.

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