Investor Alert

Oct. 20, 2021, 10:40 a.m. EDT

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

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell for the first time in four weeks, down by 400,000 barrels for the week ended Oct. 15. That compared with an average 2 million-barrel climb expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 3.3 million-barrel increase, according to sources. The EIA also reported weekly inventory declines of 5.4 million barrels for gasoline and 3.9 million barrels for distillates. The S&P Global Platts survey had forecast supply declines of 2.2 million barrels for gasoline and 2.4 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 2.4 million barrels for the week. Oil prices pared some gains following the EIA data. Ahead of its expiration at the end of Wednesday’s trading session, the November West Texas Intermediate crude contract turned higher, up 3 cents, or 0.04%, at $82.99 a barrel on the New York Mercantile Exchange. Futures were trading at $82.45 before the supply data.

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