Data from the U.S. Energy Information Administration Thursday showed that domestic crude supplies fell by 2.8 million barrels for the week ended Oct. 6. That was well above the forecast for a decline of 400,000 barrels by analysts surveyed by S&P Global Platts. In contrast, the American Petroleum Institute reported late Wednesday an increase of 3.1 million barrels, according to sources. Gasoline stockpiles were up 2.5 million barrels for the week, while distillate stockpiles fell 1.5 million barrels, according to the EIA. The S&P Global Platts survey forecasted drops of 1.4 million for gasoline and 1.64 million for distillates. November crude fell 85 cents, or 1.7%, from Wednesday to $50.45 a barrel on the New York Mercantile Exchange. Prices traded at $50.25 before the supply data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- Edwards Lifesciences stock drops 8% after forecast misses - April 24, 2018
- Teradyne plunges on smartphone weakness warning - April 24, 2018
- Chipmakers get after-hours boost following Texas Instruments earnings beat - April 24, 2018