EIA reports first weekly climb in U.S. crude supplies in 7 weeks

/ / News

The Energy Information Administration reported Thursday that U.S. crude inventories rose by 2 million barrels for the week ended Sept. 4, on the heels of six consecutive weekly declines. That compared with an average forecast by analysts polled by S&P Global Platts for a fall of 500,000 barrels. The American Petroleum Institute on Wednesday reported a climb of 3 million barrels, according to sources. Supply data were released a day later than usual this week due to Monday’s Labor Day holiday. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.9 million barrels for the week. Gasoline supply, meanwhile, fell by 3 million barrels, while distillate stockpiles declined by 1.7 million barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2.5 million barrels for gasoline, but distillates were expected to rise by 300,000 barrels. October West Texas Intermediate crude was down 49 cents, or 1.3%, at $37.56 a barrel on the New York Mercantile Exchange. Prices traded at $37.60 before the supply data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.