Thu. Nov 21st, 2019

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

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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.

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