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API reports a more than 4 million-barrel weekly fall in U.S. crude supplies, sources say

Economy, Finance

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 4.3 million barrels for the week ended Jan. 29, according to sources. The data also reportedly showed gasoline stockpiles down by 240,000 barrels, while distillate inventories declined by 1.6 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, fell 1.9 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA are expected to show crude inventories down by 2.4 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for an inventory increase of 1.5 million barrels for gasoline and a decline of 1.3 million barrels for distillates. March West Texas Intermediate crude was at $55.07 a barrel in electronic trading, compared with Tuesday’s settlement at $54.76 on the New York Mercantile Exchange.

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