API data reportedly show a 4.5 million-barrel decline in U.S. crude supply
The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 4.5 million barrels for the week ended June 29, according to sources. The API data also showed supply declines of roughly 3.1 million barrels in gasoline and 438,000 in distillates, sources said. Supply data from the Energy Information Administration will be released Thursday morning, a day later than usual because of Wednesday’s Independence Day holiday.
Analysts polled by S&P Global Platts expect the EIA to report a fall of 4.5 million barrels in crude supplies. They also forecast supply decreases of 2.5 million barrels for gasoline, and 250,000 barrels for distillates. August crude CLQ8, -0.49% was at $74.24 a barrel in electronic trading, up from the contract’s $74.14 settlement on the New York Mercantile Exchange.
Source: American Petroleum Institute