API report out
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by nearly 7.8 million barrels for the week ended April 8, according to sources. The API also reportedly showed a weekly inventory decline of almost 5.1 million barrels for gasoline, while distillate stockpiles fell by about 5 million barrels. Oil stocks at the Cushing, Okla., delivery hub were up by 375,000 barrels last week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories up by 300,000 barrels for the week, according to analysts polled by S&P Global Commodity Insights. The survey also showed expectations for weekly supply declines of 800,000 barrels for gasoline and 1.5 million barrels for distillates. Oil prices edged higher in the electronic trading session after the API data. May West Texas Intermediate crude CLK22, +7.10% was at $100.71 a barrel in electronic trading, after settling Tuesday at $100.60 on the New York Mercantile.