API data reportedly show an unexpected weekly climb in U.S. crude supplies

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.1 million barrels for the week ended Sept. 24, defying most expectations for a decline, according to sources. The API also reportedly showed inventory increases of nearly 3.6 million barrels for gasoline and 2.5 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 359,000 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 4.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply climb of 700,000 barrels for gasoline and 2.2 million-barrel decline for distillates. November West Texas Intermediate crude was at $74.40 a barrel in electronic trading, after settling Tuesday at $75.29 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 an unexpected weekly climb in U.S. crude supplies
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.1 million barrels for the week ended Sept. 24, defying most expectations for a decline, according to sources. The API also reportedly showed inventory increases of nearly 3.6 million barrels for gasoline and 2.5 million barrels for distillates. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 359,000 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 4.5 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a supply climb of 700,000 barrels for gasoline and 2.2 million-barrel decline for distillates. November West Texas Intermediate crude was at $74.40 a barrel in electronic trading, after settling Tuesday at $75.29 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.