EIA reports a weekly drop in U.S. crude stocks, gasoline inventories rise

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 4.6 million barrels for the week ended Jan. 7. On average, analysts had forecast a fall of 1.6 million barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 1.1 million-barrel decline, according to sources. The EIA also reported weekly inventory increases of 8 million barrels for gasoline and 2.5 million barrels for distillates. The S&P Global Platts survey expected supply gains of 3 million barrels for gasoline and 2 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 2.5 million barrels for the week. February West Texas Intermediate crude CLG22, +1.50% was up $1.25, or 1.5%, at $82.47 a barrel on the New York Mercantile Exchange. It traded at $82.08 before the supply data.