EIA reports a decline in U.S. crude supply, but product stocks post hefty gains
The Energy Information Administration reported Wednesday that domestic crude supplies fell by 1.7 million barrels for the week ended Jan. 4. Analysts polled by S&P Global Platts expected the EIA to report a fall of 1.4 million barrels in crude supplies, but sources said the American Petroleum Institute on Tuesday reported a drop of 6.1 million barrels. Gasoline stockpiles, however, climbed by 8.1 million barrels last week, while distillate stockpiles rose by 10.6 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for much smaller supply increases of 4.2 million barrels for gasoline and 4.3 million barrels in distillates. February West Texas Intermediate crude was up $1.08, or 2.2%, at $50.86 a barrel on the New York Mercantile Exchange, down from $51.36 before the data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.