API data show a weekly climb of 3 million barrels in U.S. crude supplies, sources say

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 3 million barrels for the week ended Sept. 4, according to sources. The API data, which was released a day later than usual because of Monday’s Labor Day holiday, also reportedly showed gasoline stockpiles dropped 6.9 million barrels, while distillate inventories rose by 2.3 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, climbed by 2.6 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 500,000 barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply decline of 2.5 million barrels for gasoline and an inventory increase of 300,000 barrels in distillates. October West Texas Intermediate crude was at $37.69 a barrel in electronic trading, down from Wednesday’s settlement at $38.05 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.

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