API data show big drops in oil, gasoline supplies ( CL1X ) (by Myra P. Saefong)
SAN FRANCISCO (MarketWatch) -- Crude-oil supplies fell by 3.1 million barrels for the week ended Sept. 30, the American Petroleum Institute reported late Tuesday, while gasoline inventories dropped by 5 million barrels. Distillate inventories also fell 2 million barrels, the trade group said. Following the data, crude-oil prices gained ground, with November crude (cl1x) adding $2.33 in electronic trading after ending at $75.67 a barrel, down 2.5% in regular trading on the New York Mercantile Exchange. Prices were up around $2 higher before the API data. The API's figures come ahead of Wednesday's more closely-watched Energy Information Administration report. Analysts polled by Platts expect the data to show that crude-oil stocks rose by 2.5 million barrels for the week ended Sept. 30. They also expect gasoline stocks to be up by 1.3 million and distillates to fall by 500,000 barrels.