API data reportedly show a weekly decline in U.S. crude supply … MARKETWATCH
API data reportedly show a weekly decline in U.S. crude supply
By MYRA P. SAEFONG
The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by nearly 1.9 million barrels for the week ended May 4, according to sources.
The API data also showed a fall of about 2.1 million barrels in gasoline stockpiles, while inventories of distillates dropped 6.7 million barrels, sources said.
Supply data from the Energy Information Administration will be released Wednesday morning.
Analysts polled by S&P Global Platts expect the EIA to report a decline of 400,000 barrels in crude supplies.
They also forecast supply declines of 600,000 barrels for gasoline and 1.9 million barrels for distillates. June crude was at $70.04 a barrel in electronic trading, up from the $69.06 settlement on the New York