API data show weekly U.S. crude supplies down over 5 million barrels, sources say

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The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 5.4 million barrels for the week ended Oct. 9, according to sources. The API data, which was delayed by a day because of Monday’s U.S. federal holiday, also reportedly showed gasoline stockpiles down by 1.5 million barrels, while distillate inventories declined by 3.9 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 2.2 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories down by 2.3 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.8 million barrels for gasoline and 2.5 million barrels in distillates. November West Texas Intermediate crude was at $41.10 a barrel in electronic trading, little changed from Wednesday’s settlement at $41.04 on the New York Mercantile Exchange.
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