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Oct. 7, 2020, 10:38 a.m. EDT

EIA reports first weekly U.S. crude supply climb in a month

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By Myra P. Saefong

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 500,000 barrels for the week ended Oct. 2. That followed three consecutive weeks of declines and compared with an average fall of 2 million barrels expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a rise of 951,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 400,000 barrels for the week. Gasoline supply, meanwhile, fell by 1.4 million barrels, while distillate stockpiles declined by 1 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 800,000 barrels for gasoline and 2.9 million barrels for distillates. November West Texas Intermediate crude was down $1.13, or 2.8%, at $39.54 a barrel on the New York Mercantile Exchange. Prices traded at $39.57 before the supply data.

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