The American Petroleum Institute
late Tuesday reported an unexpected climb of 912,000 barrels in crude
supplies for the week ended May 9, according to sources. Analysts
surveyed by Platts had forecast a fall of 1.5 million barrels. Sources
also said the API reported gasoline stockpiles fell 2 million barrels,
while distillate supplies climbed 883,000 barrels. Analysts were looking
for gasoline stockpiles to fall 1 million barrels and distillate
supplies to climb by 1 million barrels. Following the data, June crude
CLM4
+0.32%
was at $101.97 a barrel in electronic trading, up from the $101.70
close on Nymex. The more closely watched Energy Information
Administration report is due Wednesday.
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