The American Petroleum Institute reported Tuesday evening that U.S. crude supplies fell 7.7 million barrels for the week ended April 30, sources said. The data also reportedly showed that gasoline inventories declined by 5.3 million barrels, while distillate inventories declined by nearly 3.5 million barrels. Crude inventories at the Cushing, Oklahoma storage facility rose 548,000 barrels for the week, sources said. Energy Information Administration inventory data will be released on Wednesday. On average, the EIA is expected to show crude inventories down 3.9 million barrels, according to an analyst survey by S&P Global Platts. It also forecasts supply reductions of 500,000 barrels for gasoline and 1.6 million barrels for distillates. June West Texas Intermediate crude CLM21,
was $ 66.14 a barrel in electronic trading, compared to Tuesday’s $ 65.69 settlement on the New York Mercantile Exchange.
Investments in new fossil fuel supply projects must stop immediately if the world is to reduce net carbon emissions to...Read more