EIA Reports a 10 Million-Barrel Weekly Decline in U.S. Crude Supplies
Wednesday, 28 August 2019 21:43 WIB |
The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 10 million barrels for the week ended Aug. 23.
Analysts polled by S&P Global Platts expected a decline of 4.7 million barrels, on average, while the American Petroleum Institute on Tuesday reported an 11.1 million-barrel decrease, according to sources.
The EIA data also showed that gasoline and distillate inventories each fell by 2.1 million barrels last week.
The S&P Global Platts survey had shown expectations for a supply decline of 530,000 barrels for gasoline and distillates were expected to have climbed by 700,000 barrels.
October West Texas Intermediate crude was up $1.57, or 2.9%, to $56.50 a barrel on the New York Mercantile Exchange. Prices were trading at $56.42 before the supply data.
Source : Market Watch