EIA reports a 10 million-barrel weekly decline in U.S. crude supplies

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10 million barrels for the week ended Aug. 23. Analysts polled by S&P Global Platts expected a decline of 4.7 million barrels, on average, while the American Petroleum Institute on Tuesday reported an 11.1 million-barrel decrease, according to sources. The EIA data also showed that gasoline and distillate inventories each fell by 2.1 million barrels last week. The S&P Global Platts survey had shown expectations for a supply decline of 530,000 barrels for gasoline and distillates were expected to have climbed by 700,000 barrels. October West Texas Intermediate crude

CLV19, +2.40%

was up $1.57, or 2.9%, to $56.50 a barrel on the New York Mercantile Exchange. Prices were trading at $56.42 before the supply data.

Go to Source
Author: