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MarketWatch MarketPulseAug 04, 2020
API data show U.S. oil inventories fell 8.6 million barrels: reports
The American Petroleum Institute on Tuesday said U.S. crude-oil inventories fell 8.6 million barrels last week, according to reports. The industry trade group said gasoline stocks fell by 1.7 million barrels, while distillate supplies rose by 3.8 million barrels. The Energy Information Administration's more closely followed inventories report is due Wednesday morning. Analysts surveyed by S&P Global Platts, on average, look for EIA crude inventories to show a fall of 4.1 million barrels, while gasoline stocks are forecast to decline 1.3 million barrels and distillate supplies are seen rising 100,000 barrels. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange changed hands at $41.52 a barrel in electronic trade, down from its settlement Tuesday afternoon at $41.70.

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