Crude prices both in the U.S. and in Europe slipped late Tuesday when the American Petroleum Institute reported U.S. crude supplies fell by 8.2 million barrels for the week ended June 26.
West Texas Intermediate August crude dropped 43 cents or more than 1% to settle at $39.27 a barrel in trading on the New York Mercantile Exchange. Brent crude in London dropped 56 cents or 1.3% before finishing the day at $41.15.
The API data also reportedly showed gasoline stockpiles down by 2.5 million barrels, while distillate inventories rose by 2.6 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 164,000 barrels for the week, sources said.
Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 2.7 million barrels last week, according to analysts polled by S&P Global Platts.
They also forecast a supply decline of 2.7 million barrels for gasoline and an increase of 900,000 barrels for distillate inventories.
Natural gas prices added 4 cents or nearly 2.5% to finish at $1.75 per MMBtu.
ONEOK saw the biggest gain in some of the local energy stocks as its shares rose $1.41 each for a 4.43% increase before settling at $33.22.
ConocoPhillips rose 7 cents or 2% to finish at $42.02 while Devon Energy was up 22 cents or 2% to end the day at $11.34 per share.
EOG Resources climbed $1.01 or 2.03% to finish the day at $50.66 while Marathon Oil rose 2.6% or 16 cents to end the day at $6.12 per share.
Phillips 66 rose 4.71% or $3.24 per share and finished the day’s trading at $71.90. SandRidge Energy added 45 cents or 3.20% and showed a last price for the day of $1.29 per share.
In the utilities sector, American Electric Power increased 7 centrs to end the day at $79.64.