By Myra P. Saefong
Oct. 25, 2023
Synopsis
U.S. commercial crude inventories increased by 1.4 million barrels, while gasoline supply rose by 200,000 barrels and distillate stockpiles decreased by 1.7 million barrels, according to the Energy Information Administration. Oil futures prices dropped, with West Texas Intermediate crude at $82.87 per barrel.
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The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 1.4 million barrels for the week ended Oct. 20. Macquarie forecast a climb of 1.1 million barrels. The EIA report also revealed a supply increase of 200,000 barrels for gasoline, while distillate stockpiles declined by 1.7 million barrels. Macquarie forecast inventory decreases of 1.3 million barrels for gasoline and 3.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 200,000 barrels for the week, the EIA said. Oil futures fell further, with November West Texas Intermediate crude CLX23, +0.30% down 87 cents, or 1%, at $82.87 a barrel on the New York Mercantile Exchange. Prices traded at $83.29 before the supply data.
Source: https://www.marketwatch.com/
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