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Jan. 5, 2021, 4:45 p.m. EST

API reports a 1.7 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 fell by 1.7 million barrels for the week ended Jan. 1, according to sources. The data also reportedly showed gasoline stockpiles up by 5.5 million barrels, while distillate inventories climbed by 7.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 1 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. Analysts at IHS Markit expect the EIA to report a decline of 1.2 million barrels in crude supplies. They also expect inventory increases of 1.4 million for gasoline and 2.2 million for distillates. February West Texas Intermediate crude was at $49.88 a barrel in electronic trading, compared with Tuesday’s settlement at $49.93 on the New York Mercantile Exchange.

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