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 3.1 million barrels for the week ended Oct. 28. On average, analysts forecasted a decrease of 1.6 million barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA also showed a weekly inventory decline of 1.3 million barrels for gasoline, while distillate stockpiles edged up by 400,000 barrels. The analyst survey had called for decreases of 1.9 million barrels for gasoline and 1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 1.3 million barrels for the week, the EIA said. December West Texas Intermediate crude CLZ22, +1.51% was down 13 cents, or 0.2%, at $88.24 a barrel on the New York Mercantile Exchange. It was at $88.41 before the supply data.