EIA reports a weekly climb of nearly 10 million barrels in U.S. crude supply

The Energy Information Administration on Thursday reported that U.S. crude inventories rose by 9.9 million barrels for the week ended Oct. 7. On average, analysts forecasted a climb of 2.2 million barrels, according to a poll conducted by S&P Global Commodity Insights. The increase came on the heels of a weekly crude stock decline of 7.7 million barrels in the Strategic Petroleum Reserve. The EIA, which reported its data a day later than usual due to Monday’s holiday, showed a weekly inventory climb of 2 million barrels for gasoline, while distillate inventories fell by 4.9 million barrels. The analyst survey had called for decreases of 2.1 million barrels for gasoline and 2.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 400,000 barrels for the week, the EIA said. November West Texas Intermediate crude CLX22, +2.18% was up 16 cents, or 0.2%, at $87.43 a barrel on the New York Mercantile Exchange. It was at $87.60 before the supply data.