The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 800,000 barrels for the week ended Oct. 27. On average, analysts polled by S&P Global Commodity Insights expected the report to show a rise of 870,000 barrels. The EIA report revealed a supply increase of 100,000 barrels for gasoline, while distillate stockpiles declined by 800,000 barrels.
Analysts forecast decreases of 1.3 million barrels for gasoline and 1.7 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 300,000 barrels for the week, the EIA said. Oil futures pared some of their earlier gains, with December West Texas Intermediate crude CLZ23, +2.05% up $1.49, or 1.8%, at $82.51 a barrel on the New York Mercantile Exchange. Prices traded at $82.80 before the supply data.
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