Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since 2005.
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories climbed by 1.4 million barrels for the week ended Oct. 20. Macquarie forecast a climb of 1.1 million barrels. The EIA report also revealed a supply increase of 200,000 barrels for gasoline, while distillate stockpiles declined by 1.7 million barrels.
Macquarie forecast inventory decreases of 1.3 million barrels for gasoline and 3.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub rose by 200,000 barrels for the week, the EIA said. Oil futures fell further, with November West Texas Intermediate crude CLX23, +0.30% down 87 cents, or 1%, at $82.87 a barrel on the New York Mercantile Exchange. Prices traded at $83.29 before the supply data.
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