September 28, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

EIA reports a more than 6 million-barrel weekly drop in U.S. crude supplies

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 6.4 million barrels for the week ended Sept. 10. That was larger than the average decline of 3.5 million barrels expected by analysts polled by S&P Global Platts forecast. The American Petroleum Institute on Tuesday reported a 5.4 million-barrel decrease, according to sources. The EIA also reported weekly inventory declines of 1.9 million barrels for gasoline and 1.7 million barrels for distillates. The S&P Global Platts survey had forecast supply decreases of 2.2 million barrels for gasoline and 2 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.1 million barrels for the week. Oil prices extended their rise following the EIA data. October West Texas Intermediate crude CLV21, +3.29% was up $2.36, or 3.4%, at $72.82 a barrel on the New York Mercantile Exchange. Futures were trading at $72.60 before the supply data.

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