: EIA reports a weekly rise of more than 8 million barrels in U.S. crude supplies

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The Energy Information Administration on Thursday reported that U.S. crude inventories rose by 8.4 million barrels for the week ended Jan. 13. On average, analysts forecasted a climb of 900,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA report, which was released a day later than usual due to Monday’s Martin Luther King, Jr. holiday, also showed a weekly inventory rise of 3.5 million barrels for gasoline, while distillate stockpiles fell by 1.9 million barrels. The analyst survey had called for a supply increase of 1.4 million barrels for gasoline and a decline of 500,000 barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 3.6 million barrels for the week, the EIA said. February West Texas Intermediate crude CLG23, +0.73% was up 73 cents, or 0.9%, at $80.21 a barrel on the New York Mercantile Exchange. It was at $80.05 before the supply data.

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

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