The
Energy Information Administration on Thursday
reported that U.S. crude inventories rose by 8.8 million barrels for the week ended Sept. 2. On average, analysts expected a decline of 1.8 million barrels, according to a poll conducted by S&P Global Commodity Insights. The increase came on the back of a 7.5 million-barrel decline in crude stocks in the Strategic Petroleum Reserve. The EIA, which reported the data a day later than usual due to Monday's Labor Day holiday, also said gasoline stockpiles climbed by 400,000 barrels last week, while distillate stocks edged up by 100,000 barrels. The analyst survey called for inventory declines of 1.5 million barrels for gasoline and 1.1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 500,000 barrels for the week, the EIA said. October West Texas Intermediate crude
CLV22,