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Sept. 29, 2021, 10:37 a.m. EDT

Oil futures extend losses as EIA reports increases in U.S. crude, gasoline and distillate supplies

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By Myra P. Saefong

The Energy Information Administration reported on Wednesday that U.S. crude inventories rose by 4.6 million barrels for the week ended Sept. 24. That defied expectations for an average decline of 4.5 million barrels expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 4.1 million-barrel increase, according to sources. The EIA also reported weekly inventory increases of 200,000 barrels for gasoline supplies and 400,000 barrels for distillates. The S&P Global Platts survey had forecast a supply increase of 700,000 barrels for gasoline and an inventory decline of 2.2 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 200,000 barrels for the week. Oil prices extended earlier declines following the EIA data. November West Texas Intermediate crude was down 44 cents, or 0.6%, at $74.85 a barrel on the New York Mercantile Exchange. Futures were trading at $75.08 before the supply data.

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