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Oct. 28, 2020, 10:36 a.m. EDT

EIA reports first weekly U.S. crude supply climb in 3 weeks

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 4.3 million barrels for the week ended Oct. 23. That followed declines in each of the previous two weeks. On average, analysts polled by S&P Global Platts forecast a weekly climb of 200,000 barrels, while the American Petroleum Institute on Tuesday reported an increase of nearly 4.6 million barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 400,000 barrels for the week. Gasoline supply, meanwhile, fell by 900,000 barrels, while distillate stockpiles declined by 4.5 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 700,000 barrels for gasoline and 2.5 million barrels for distillates. December West Texas Intermediate crude was down $2.17, or 5.5%, at $37.40 a barrel on the New York Mercantile Exchange. Prices traded at $37.30 before the supply data.

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