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 The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.5 million barrels for the week ended May 7, according to sources. The data, however, also reportedly showed gasoline stockpiles up by 5.6 million barrels, while distillate inventories declined by 872,000 barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged down by 1.2 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 4.1 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb 700,000 barrels for gasoline, but 2 million-barrel decline for distillates. June West Texas Intermediate crude was at $65.32 barrel in electronic trading, compared with Tuesday's settlement at $65.28 on the New York Mercantile Exchange.
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U.S. stocks finished out a wild Tuesday session lower but investors bought into the drop, helping to pare the worst of the day's steep drop. Still, the Dow Jones Industrial Average booked its worst day since Feb. 26, ending down 472 points, or 1.4%, at 34,269. At its lows, the blue-chip index was down by as many as 668 points before paring those losses. The S&P 500 index closed 0.9% lower to 4,152, while the Nasdaq Composite Index ended down less than 0.1% at 13,389, recovering from an intraday nadir at 13,107.67. Initial selling was primarily focused on technology and tech-related names, with the downturn blamed on renewed fears of a surge in inflation as the economy recovers from the COVID pandemic. Tech shares, however, saw some bids off their lows on Tuesday as investors saw buying opportunities off the day's low.
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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