EIA reports largest weekly rise of the year for U.S. crude supplies

EIA reports largest weekly rise of the year for U.S. crude supplies

By

Markets/commodities reporter

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 8 million barrels for the week ended Sept. 28–the largest weekly climb year to date. The previous week’s increase of 1.9 million barrels had followed five consecutive weeks of declines. Analysts surveyed by S&P Global Platts had forecast an increase of 2.76 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 907,000 barrels, according to sources. Gasoline stockpiles fell by 500,000 barrels last week, while distillate stockpiles declined by 1.8 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 672,000 barrels in gasoline and 1.83 million barrels in distillates. November crude CLX8, -0.85% fell 62 cents, or 0.8%, to $74.61 a barrel on the New York Mercantile Exchange. That’s down from $74.92 before the supply data.

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