API data reportedly show weekly declines in U.S. crude, gasoline and distillate inventories


The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.1 million barrels for the week ended Feb. 11, according to sources. The API also reportedly showed weekly inventory declines of 923,000 barrels for gasoline and 546,000 barrels for distillates. Crude stocks at the Cushing, Okla., delivery were down by 2.4 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 200,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for weekly supply declines of 900,000 barrels for gasoline and 1 million barrels for distillates. Oil prices extended their losses into the electronic trading session after the API data. March West Texas Intermediate crude CLH22, +0.05% was at $91.97 a barrel in electronic trading, after settling Tuesday at $92.07 on the New York Mercantile.

This article was originally published by Marketwatch.com. Read the original article here.

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