EIA: US Crude Stocks Rise For Sixth Week; Fuel Draws Down

U.S. crude oil inventories climbed for a sixth straight week, but grew less than forecast last week, amid a drop in net imports and the government’s sale of barrels from its reserve, while gasoline and distillate stocks drew down.

The Energy Information Administration (EIA) said on Oct. 31 that crude inventories rose 3.2 million barrels in the week to Oct. 26, less than analysts’ expectations for a 4.1 million-barrel build.

Much of that increase was in the Midwest, where stocks at the Cushing, Okla., delivery hub rose 1.9 million barrels, the EIA said. That was also the sixth straight week of builds at the delivery point for U.S. crude futures.