API data show weekly U.S. crude supplies down by more than 8 million barrels, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 8.2 million barrels for the week ended June 26, according to sources. The API data also reportedly showed gasoline stockpiles down by 2.5 million barrels, while distillate inventories rose by 2.6 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 164,000 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 2.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 2.7 million barrels for gasoline and an increase of 900,000 barrels for distillate inventories. August West Texas Intermediate crude was at $39.66 a barrel in electronic trading. It settled Tuesday at $39.27 (http://www.marketwatch.com/story/oil-prices-retreat-as-coronavirus-cases-and-oversupply-worries-haunt-industry-2020-06-30) on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 30, 2020 16:53 ET (20:53 GMT)
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