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Investor Alert

Sept. 22, 2020, 4:44 p.m. EDT

API data reveal a weekly climb in U.S. crude supplies, sources say

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 691,000 barrels for the week ended Sept. 18, according to sources. The API data also reportedly showed gasoline stockpiles dropped by 7.7 million barrels, while distillate inventories declined by 2.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, inched up by 298,000 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 down by 4 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply drop of 1.9 million barrels for gasoline and an inventory increase of 1.2 million barrels in distillates. November West Texas Intermediate crude was at $39.82 a barrel in electronic trading, little changed from Tuesday’s settlement at $39.80 on the New York Mercantile Exchange.

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