The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.3 million barrels for the week ended Oct. 22, according to sources. The API also reportedly showed inventory increases of 530,000 barrels for gasoline and 986,000 barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 3.7 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 100,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.7 million barrels for gasoline and 2 million barrels for distillates. December West Texas Intermediate crude was at $84.49 a barrel in electronic trading, after settling Tuesday at $84.65 on the New York Mercantile Exchange.
Oct. 26, 2021, 4:53 p.m. EDT