The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by roughly 6 million barrels for the week ended Nov. 15, according to sources. The API data also reportedly showed a stockpile rise of 3.4 million barrels for gasoline, along with supply decline of 2.2 million barrels for distillates. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories up by 1.6 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply climb of 750,000 barrels for gasoline and a fall of 1.4 million barrels for distillates. December West Texas Intermediate crude was at $55.08 a barrel in electronic trading, down from the contract's $55.21 settlement on the New York Mercantile Exchange.
Nov. 19, 2019, 4:44 p.m. EST