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Nov. 3, 2020, 4:53 p.m. EST · CORRECTED

API data reveal an 8 million-barrel decline in weekly U.S. crude supplies, sources say

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By Myra P. Saefong

This update corrects the direction of movement in crude-oil supplies. They declined by 8 million barrels last week, according to sources.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 8 million barrels for the week ended Oct. 30, according to sources. The data also reportedly showed gasoline stockpiles rose by nearly 2.5 million barrels, while distillate inventories were down by 577,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 981,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 600,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.1 million barrels for gasoline and 2.4 million barrels in distillates. Ahead of the EIA report and U.S. election outcome, December West Texas Intermediate crude was at $38.07 a barrel in electronic trading, up from Tuesday’s settlement at $37.66 on the New York Mercantile Exchange.

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