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API reports a weekly increase in U.S. crude supplies, sources say

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by about 1 million barrels for the week ended Feb. 19, according to sources. The data also reportedly showed gasoline stockpiles edged up by 66,000 barrels, while distillate inventories fell by 4.5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, climbed by 2.8 million 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 4.8 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for inventory declines of 2.8 million barrels for gasoline and 3.5 million barrels for distillates. April West Texas Intermediate crude was at $61.26 barrel in electronic trading, compared with Tuesday’s settlement at $61.67 on the New York Mercantile Exchange.
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