API data reveal a modest weekly decline in U.S. crude supplies, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 831,000 barrels for the week ended Sept. 25, according to sources. The API data also reportedly showed gasoline stockpiles climbed by 1.6 million barrels, while distillate inventories fell by 3.4 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, added 1.6 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 up by 1.9 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.3 million barrels for gasoline and 1.7 million barrels in distillates. November West Texas Intermediate crude was at $39.19 a barrel in electronic trading, down from Tuesday's settlement at $39.29 on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.