EIA reports a second weekly decline in U.S. crude supplies

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The Energy Information Administration reported Wednesday that U.S. crude inventories fell for a second straight week by 1.6 million barrels for the week ended Sept. 18. That was much less than the average forecast from analysts polled by S&P Global Platts for a decline of 4 million barrels, but the American Petroleum Institute on Tuesday had reported an increase of 691,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub unchanged for the week at 54.3 million barrels. Gasoline supply, meanwhile, fell by 4 million barrels, while distillate stockpiles declined by 3.4 million barrels. The S&P Global Platts survey had shown expectations for a supply fall of 1.9 million barrels for gasoline, while distillates were expected to rise by 1.2 million barrels. November West Texas Intermediate crude was up 23 cents, or 0.6%, at $40.03 a barrel on the New York Mercantile Exchange. Prices traded at $39.98 before the supply data.
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