EIA reports a smaller-than-expected 1.5 million-barrel weekly decline in U.S. crude supplies

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The Energy Information Administration reported on Thursday that U.S. crude inventories fell by 1.5 million barrels for the week ended Sept. 3. That came in well below the average decline of 7.4 million barrels expected by analysts polled by S&P Global Platts forecast. The American Petroleum Institute on Wednesday reported a 2.9 million-barrel decrease, according to sources. Weekly supply data were released a day later than usual due to Monday’s Labor Day holiday. The EIA also reported weekly inventory declines of 7.2 million barrels for gasoline and 3.1 million barrels for distillates. The S&P Global Platts survey had forecast supply decreases of 2.4 million barrels for gasoline and 2 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1.9 million barrels for the week. Oil prices continued to rise following the EIA data. October West Texas Intermediate crude
CLV21,
+0.36%
was up 40 cents, or 0.6%, at $69.70 a barrel on the New York Mercantile Exchange. Futures were trading at $69.71 before the supply data.

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