API data reportedly show a hefty weekly climb in U.S. crude supplies; EIA delays oil data release

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 5.6 million barrels for the week ended June 17, according to sources. The API, which released its data a day later than usual because of Monday’s Juneteenth holiday, also reportedly showed a weekly inventory climb of 1.2 million barrels for gasoline, while distillate stockpiles fell by nearly 1.7 million barrels. Oil stocks at the Cushing, Okla., delivery hub were down by 390,000 barrels last week, sources said. Inventory data from the Energy Information Administration were scheduled for Thursday, but the EIA said late Wednesday that data this week will be delayed due to “systems issues.” The government agency says it will release delayed data as soon as possible. On average, analysts polled by S&P Global Commodity Insights said the EIA is expected to show crude inventories down by 3.7 million barrels for the week, along with supply increases of 500,000 barrels for gasoline and 600,000 barrels for distillates. In electronic trading Wednesday, August West Texas Intermediate crude was at $104.40 a barrel, after settling at $106.19 on the New York Mercantile Exchange.

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