API data reportedly show a 3.8 million-barrel fall in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 3.8 million barrels for the week ended June 24, according to sources. The API also reportedly showed a weekly inventory increases of nearly 2.9 million barrels for gasoline and 2.6 million barrels for distillate. Oil stocks at the Cushing, Okla., delivery hub were down by 650,000 barrels last week, sources said. Inventory data from the Energy Information Administration covering the week ended June 17 had been delayed last week due to “systems issues.” The EIA will now release its supply reports covering the week ended June 17 and June 24 on Wednesday. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show crude inventories down by 500,000 barrels for the week ended June 24, along with supply declines of 875,000 barrels for gasoline and 525,000 barrels for distillates. In electronic trading Tuesday, August West Texas Intermediate crude was at $112.04 a barrel, after settling at $111.76 on the New York Mercantile Exchange.

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