API data reportedly shows sharp weekly increase in US crude supplies; EIA delays release of oil data

The American Petroleum Institute reported late Wednesday that U.S. crude supplies increased by 5.6 million barrels for the week ended June 17, sources said. The API, which released its data a day later than usual due to the Monday June 19 holiday, also reportedly showed a weekly rise in gasoline inventories of 1.2 million barrels, while inventories of distillates fell nearly 1.7 million barrels. Oil inventories at the delivery hub in Cushing, Okla., fell by 390,000 barrels last week, sources said. The Energy Information Administration’s inventory data was scheduled for Thursday, but the EIA said late Wednesday that this week’s data would be delayed due to “system issues.” The government agency says it will release the 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 3.7 million barrels for the week, along with an increase in supply of 500,000 barrels. gasoline and 600,000 barrels of distillates. In e-commerce Wednesday, August West Texas Intermediate crude CLQ22,
was at $104.40 a barrel, after settling at $106.19 on the New York Mercantile Exchange.

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