: EIA reports a weekly drop of nearly 11 million barrels for U.S. crude supplies


The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 10.6 million barrels for the week ended Aug. 25. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decrease of 5.2 million barrels. The EIA report revealed a supply decline of 200,000 barrels for gasoline, while distillate stockpiles edged up by 1.2 million barrels. Analysts had forecast weekly inventory declines of 600,000 barrels for gasoline and 1.4 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.5 million barrels for the week, the EIA said. Oil futures extended their early gains, with October West Texas Intermediate crude CLV23, -0.31% up 68 cents, or 0.8%, at $81.84 a barrel on the New York Mercantile Exchange. Prices traded at $81.72 before the supply data.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleWashington Watch: Biden’s age is figuring ‘prominently’ in the 2024 White House race — but here’s what the pundits could be getting wrong
Next articleFutures market reflecting higher likelihood that Fed is finished with rate hikes


Please enter your comment!
Please enter your name here