EIA reports a third straight weekly climb in U.S. crude supplies up this week 6.1M barrels

The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 6.1 million barrels for the week ended Oct. 8. That defied expectations for an average 500,000 barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 5.2 million-barrel climb, according to sources. Supply data were released a day later than usual this week due to Monday’s Columbus Day holiday. The EIA also reported a weekly inventory decline of 2 million barrels for gasoline, but said distillate supplies were “virtually unchanged”fromĀ  last week. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.9 million barrels for the week. NN: As you are seeing at $80 oil it won’t take long for producers to gear up. Everyone is making money at this price. Talk about incoming……