API data reportedly show a weekly decline in U.S. crude supplies, but gasoline inventories rise

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by about 4 million barrels for the week ended Aug. 27, according to sources. The API report, however, also showed an inventory increase of 2.7 million barrels for gasoline, while distillate stockpiles fell by roughly 2 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 2.1 million barrels for the 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 4.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 1.8 million barrels for gasoline, and 500,000 barrels for distillates. October West Texas Intermediate crude was at $68.53 barrel in electronic trading, after settling Tuesday at $68.50 on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

API data reportedly show a weekly decline in U.S. crude supplies, but gasoline inventories rise
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by about 4 million barrels for the week ended Aug. 27, according to sources. The API report, however, also showed an inventory increase of 2.7 million barrels for gasoline, while distillate stockpiles fell by roughly 2 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 2.1 million barrels for the 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 4.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply declines of 1.8 million barrels for gasoline, and 500,000 barrels for distillates. October West Texas Intermediate crude was at $68.53 barrel in electronic trading, after settling Tuesday at $68.50 on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.