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Nov. 16, 2021, 4:52 p.m. EST

API data reportedly show a 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 655,000 barrels for the week ended Nov. 12, according to sources. The API also reportedly showed a weekly inventory decline of 2.8 million barrels for gasoline, but distillate stockpiles edged up by 107,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell by 491,000 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 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 100,000 barrels for gasoline and 1.3 million barrels for distillates. Oil prices was little changed in the electronic trading session after the API data. December West Texas Intermediate crude was at $80.74 a barrel in electronic trading, after settling Tuesday at $80.76 on the New York Mercantile Exchange.

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