The American Petroleum Institute
late Tuesday reported a jump of 7.1 million barrels in crude-oil
supplies for the week ended April 4. Analysts surveyed by Platts had
forecast a climb of 2.5 million barrels. It looks like the temporary
closure of the Houston Ship Channel late last month is "still taking a
toll on supplies," said Phil Flynn, senior analyst at Price Futures
Group, with imports "up big" as the market plays catch up. Sources also
said the API reported gasoline stockpiles fell nearly 3.7 million
barrels, while distillate supplies rose by 293,000 barrels. Analysts
were looking for gasoline stockpiles to fall 1.3 million barrels and
distillate supplies to decline by 800,000 barrels. Following the data,
May crude
CLK4
-0.29%
was at $102.33 a barrel in electronic trading, down from the $102.56 close on Nymex.
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