Oil prices pare gain in electronic trade after API report shows weekly crude build – MarketWatch

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U.S. oil prices retreated in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies increased by 1.249 million barrels for the week ended Sept. 14., according to sources. The build comes after a sizable decline of 8.6 million barrels for the week ended Sept. 7. Phil Flynn, senior market analyst at Price Futures Group, said the build up was likely a result of Tropical storm Gordon.

The API data also showed supplies of gasoline declined 1.485 barrels, while distillate stockpiles climbed by 1.536 million barrels. Supply data from the Energy Information Administration will be released Wednesday. Analysts polled by S&P Global Platts forecast a fall of 3 million barrels in crude supplies in the latest week, with inventories of gasoline down 1.6 million barrels and distillates down 282,000 barrels. October crude CLV8, +0.03% was at $69.65 a barrel in electronic trading, down from the $69.85 settlement on the New York Mercantile Exchange.
— Read on www.marketwatch.com/story/oil-prices-retreat-in-electronic-trade-after-api-report-shows-weekly-crude-build-2018-09-18