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Nov. 10, 2020, 4:48 p.m. EST

API data reveal a more than 5 million-barrel weekly decline in U.S. crude supplies, sources say

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By Myra P. Saefong

The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 5.1 million barrels for the week ended Nov. 6, according to sources. The data also reportedly showed gasoline stockpiles down by 3.3 million barrels, while distillate inventories fell by 5.6 million barrels. Crude stocks at the Cushing, Okla. storage hub, meanwhile, edged down by 1.2 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be delayed to Thursday because of Wednesday’s Veterans Day holiday. The EIA data are expected to show crude inventories down by 3 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 600,000 barrels for gasoline and 2 million barrels in distillates. December West Texas Intermediate crude was at $41.73 a barrel in electronic trading, up from Tuesday’s settlement at $41.36 on the New York Mercantile Exchange.

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