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July 27, 2021, 4:38 p.m. EDT

API data reportedly show weekly declines in U.S. crude and gasoline supplies

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 4.7 million barrels for the week ended July 23, according to sources. The API report also reportedly showed inventory declines of 6.2 million barrels for gasoline and 1.9 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 126,000 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 declined by 2.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply decreases of 1.3 million barrels for gasoline and 1.6 million barrels for distillates. September West Texas Intermediate crude was at $71.93 barrel in electronic trading, after settling Tuesday at $71.65 on the New York Mercantile Exchange.

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