API Data Show U.S. Crude-oil Supply Down 1.3 Mln Barrels: Sources

By Myra P. SaefongMarketsMarketWatch Pulse

The American Petroleum Institute late Tuesday reported a fall of 1.3 million barrels in U.S. crude supplies for the week ended Nov. 18, according to sources. Analysts polled by S&P Global Platts expected stockpiles to be unchanged, while The Wall Street Journal survey of analysts and traders forecast a climb of 800,000 barrels. Sources also said the API showed an increase of 2.7 million barrels in gasoline inventories. "The gasoline build and the drop in crude [supply] is a sign refiners are coming out of maintenance. Gasoline demand continues to be near a record for this time of year and refiners want to get a jump on it," said Phil Flynn, senior market analyst at Price Futures Group. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $47.90 a barrel in electronic trading, below the contract's settlement of $48.03 on the New York Mercantile Exchange.

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