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June 2, 2020, 4:47 p.m. EDT

API data show a weekly decline in U.S. crude supplies, sources say

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 483,000 barrels for the week ended May 29, according to sources. The API data also reportedly showed gasoline stockpiles edged up by 1.7 million barrels, while distillate inventories climbed by 5.9 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 2.2 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 rose by 3.5 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 300,000 barrels for gasoline and a stockpile increase of 2.8 million barrels for distillates. July West Texas Intermediate crude was at $36.94 a barrel in electronic trading. It was up from its settlement at $36.81 Tuesday on the New York Mercantile Exchange.

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