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Oct. 19, 2021, 4:52 p.m. EDT

API data reportedly show a more than 3 million-barrel weekly climb in U.S. crude supplies

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 3.3 million barrels for the week ended Oct. 15, according to sources. The API reportedly showed inventory declines of 3.5 million barrels for gasoline and 3 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 2.5 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 up by 2 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 2.2 million barrels for gasoline and 2.4 million barrels for distillates. November West Texas Intermediate crude was at $83.01 a barrel in electronic trading, after settling Tuesday at $82.96 on the New York Mercantile Exchange.

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