Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
The Energy Information Administration on Thursday reported that U.S. commercial crude inventories rose by 10.2 million barrels for the week ended Oct. 6. On average, analysts polled by S&P Global Commodity Insights expected the report to show an increase of 200,000 barrels. The EIA report, which was released a day later than usual due to Monday’s holiday, also revealed supply declines of 1.3 million barrels for gasoline and 1.
8 million barrels for distillates. Analysts forecast inventory declines of 1.1 million barrels for gasoline and 1.8 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 300,000 barrels for the week, the EIA said. Oil futures moved higher, with November West Texas Intermediate crude CLX23, +1.52% up $1.45, or 1.7%, at $84.94 a barrel on the New York Mercantile Exchange. Prices traded at $84.67 before the supply data.
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