The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.1 million barrels for the week ended Sept. 17, according to sources. The API also reportedly showed inventory declines of 432,000 barrels for gasoline and 2.7 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.7 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 3.8 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of about 900,000 barrels for gasoline and 1.4 million barrels for distillates. November West Texas Intermediate crude was at $70.78 a barrel in electronic trading, after settling Tuesday at $70.49 on the New York Mercantile Exchange.
Sept. 21, 2021, 4:39 p.m. EDT