EIA reports weekly declines in U.S. crude and gasoline supplies

The Energy Information Administration on Wednesday reported that U.S. crude inventories fell by 1.7 million barrels for the week ended Oct. 14. On average, analysts forecasted a decrease of 1.2 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA also showed a weekly inventory decline of 100,000 barrels for gasoline, while distillate stockpiles edged up by 100,000 barrels. The analyst survey had called for decreases of 2.2 million barrels for gasoline and 2.5 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 600,000 barrels for the week, the EIA said. November West Texas Intermediate crude CLX22, +0.51% was up 82 cents, or 1%, at $83.64 a barrel on the New York Mercantile Exchange. It was at $84.22 before the supply data.