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U.S. crude supplies decline by 9 million barrels

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The U.S. crude supplies declined by 9.5 million barrels for the week ended Sept. 11., the American Petroleum Institute reported late Tuesday.

According to sources, the API data also reportedly showed gasoline stockpiles climbed by 3.8 million barrels, while distillate inventories fell by 1.1 million barrels.

The API data also revealed that crude stocks at the Cushing, Okla., storage hub, meanwhile, inched down by 798,000 barrels for the week.

Inventory data from the Energy Information Administration will be released Wednesday.

According to analysts polled by S&P Global Platts, the EIA data are expected to show crude inventories down by 1.8 million barrels last week.

They also forecast a supply drop of 7 million barrels for gasoline and an inventory increase of 500,000 barrels in distillates.

October West Texas Intermediate crude CLV20, +1.41% was at $38.45 a barrel in electronic trading, up from Tuesday’s settlement at $38.28 on the New York Mercantile Exchange.

Source MarketWatch
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