Oil futures pare gains as U.S. crude stocks decline, but gasoline supplies climb sharply

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 2.1 million barrels for the week ended Dec. 31. On average, analysts had forecast a fall of 4.4 million barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 6.4 million-barrel decline, according to sources. The EIA, however, also reported weekly inventory increases of 10.1 million barrels for gasoline and 4.4 million barrels for distillates. The S&P Global Platts survey expected supply gains of 1.9 million barrels each for the gasoline and distillate categories. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 2.6 million barrels for the week. February West Texas Intermediate crude CLG22, +1.22% was up 96 cents, or 1.3%, at $77.95 a barrel on the New York Mercantile Exchange. It traded at $78.32 before the supply data.