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March 9, 2021, 4:39 p.m. EST

API reports a weekly climb of nearly 13 million barrels 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 rose by 12.8 million barrels for the week ended March 5, according to sources. The data also reportedly showed gasoline stockpiles down by 8.5 million barrels, while distillate inventories fell by 4.8 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 295,000 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 up by 2.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 4.8 million barrels for gasoline and 3.8 million barrels for distillates. April West Texas Intermediate crude was at $63.92 barrel in electronic trading, compared with Tuesday’s settlement at $64.01 on the New York Mercantile Exchange.

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