API data reportedly show a more than 5 million-barrel weekly climb in U.S. crude supplies
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.2 million barrels for the week ended Oct. 8, according to sources. The API, which released its report a day later than usual because of Monday's Columbus Day holiday, also reportedly showed inventory declines of 4.6 million barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 500,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 400,000 barrels for gasoline and 800,000 barrels for distillates. November West Texas Intermediate crude was at $80.56 a barrel in electronic trading, after settling Wednesday at $80.44 on the New York Mercantile Exchange.
-Myra P. Saefong
(END) Dow Jones Newswires
October 13, 2021 16:38 ET (20:38 GMT)
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