The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.3 million barrels for the week ended April 23, according to sources. The data also reportedly showed gasoline stockpiles down by 1.3 million barrels, while distillate inventories declined by 2.4 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, were up by 742,000 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 200,000 barrels, according to survey of analysts conducted by S&P Global Platts. It also forecast unchanged inventories of gasoline and a supply decrease of 1.2 million barrels for distillates. June West Texas Intermediate crude CLM21, +1.78% was at $63.09 barrel in electronic trading, compared with Tuesday’s settlement at $62.94 on the New York Mercantile Exchange.