Published: Aug. 11, 2020 at 4:39 p.m. ET
By Myra P. Saefong
The American Petroleum Institute reported late Tuesday that U.S. crude supplies dropped by 4.4 million barrels for the week ended Aug. 7, according to sources. The API data also reportedly showed gasoline stockpiles declined by 1.3 million barrels, while distillate inventories were down by 2.9 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 1.1 million 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 fell by 4.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 2.1 million barrels for gasoline and 100,000 barrels in distillates. September West Texas Intermediate crude CLU20, -0.28% was at $41.72 a barrel in electronic trading, up from Tuesday’s settlement at $41.61 on the New York Mercantile Exchange.
— Read on www.marketwatch.com/story/api-data-show-a-more-than-4-million-barrel-weekly-decline-in-us-crude-supplies-sources-say-2020-08-11