API data reportedly show a nearly 11 million-barrel weekly rise in U.S. gasoline supplies

The American Petroleum Institute late Tuesday reported a decline in weekly U.S. crude supplies, but inventories of gasoline climbed sharply, according to sources. The API reportedly said domestic crude supplies fell by 1.1 million barrels for the week ended Jan. 7, while gasoline stockpiles saw a weekly increase of 10.9 million barrels and distillate supplies rose by about 3 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 1.6 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for weekly supply increases of 3 million barrels for gasoline and 2 million barrels for distillates. Oil prices held onto the day’s gains in the electronic trading session, after the API data. February West Texas Intermediate crude CLG22, +0.11% was at $81.28 a barrel in electronic trading, after settling Tuesday at $81.22 on the New York Mercantile Exchange. February gasoline RBG22, -0.38% traded at $2.349 a gallon, down slightly from the $2.357 settlement.