API data show a weekly drop of more than 9 million barrels in U.S. crude supplies, sources say

The American Petroleum Institute reported late Tuesday that U.S. crude supplies dropped by 9.5 million barrels for the week ended Sept. 11, according to sources. The API data also reportedly showed gasoline stockpiles climbed by 3.8 million barrels, while distillate inventories fell by 1.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, inched down by 798,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 1.8 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply drop of 7 million barrels for gasoline and an inventory increase of 500,000 barrels in distillates. October West Texas Intermediate crude was at $38.45 a barrel in electronic trading, up from Tuesday’s settlement at $38.28 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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