API data show an unexpected weekly climb in U.S. crude supplies, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2 million barrels for the week ended July 3, according to sources. The API data also reportedly showed gasoline stockpiles fell by 1.8 million barrels, while distillate inventories declined by about 847,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 2.2 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 3.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.2 million barrels for gasoline and 500,000 barrels for distillates. August West Texas Intermediate crude was at $40.44 a barrel in electronic trading. It settled Tuesday at $40.62 (http://www.marketwatch.com/story/us-oil-prices-slip-for-a-second-session-as-rise-in-coronavirus-cases-seen-hobbling-crude-demand-2020-07-07) on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 07, 2020 16:49 ET (20:49 GMT)
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