API sees 5.8 million barrel fall in U.S. oil inventories: reports

U.S. oil inventories fell by 5.8 million barrels last week, the American Petroleum Institute, an industry group, reported Tuesday, according to news reports. The API also reportedly saw a 1.9 million barrel rise in gasoline stocks and a 4.4 million barrel increase in distillate stocks. The Energy Information Administration's more closely followed data is due Wednesday morning. Analysts surveyed by S&P Global Platts expect the EIA data to show crude inventories fell 3.8 million barrels, while gasoline stocks are expected to show a rise of 3.2 million barrels and distillate stocks are seen up 2.8 million barrels. Oil futures rose in electronic trading after the data. West Texas Intermediate crude for February delivery /zigman2/quotes/211629951/delayed CL.1 +3.84% traded at $53.30 a barrel on the New York Mercantile Exchange, up from its close at $53.23 a barrel on Tuesday afternoon.

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Crude Oil WTI (NYM $/bbl) Front Month

US : U.S.: Nymex

$ 66.28

+2.45 +3.84%

Volume: 544,287

March 5, 2021 4:59p