Investor Alert

Jan. 20, 2021, 4:43 p.m. EST

API reports an unexpected weekly rise in U.S. crude supplies, sources say

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 2.6 million barrels for the week ended Jan. 15, according to sources. The data, which was released a day later than usual because of Monday's Martin Luther King, Jr. holiday, also reportedly showed gasoline stockpiles up by 1.1 million barrels, while distillate inventories rose by 816,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 4.3 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA are expected to show crude inventories down by 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory increases of 2.7 million barrels for gasoline and 600,000 barrels for distillates. March West Texas Intermediate crude was at $53.02 a barrel in electronic trading, compared with Wednesday’s settlement at $53.31 on the New York Mercantile Exchange.

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