API data reportedly show a modest fall in U.S. crude supplies, but gasoline stocks jump

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 560,000 barrels for the week ended Jan. 11, according to sources. The API, however, also reportedly showed that gasoline stockpiles climbed by 6 million barrels, while distillate inventories rose 3.2 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. On average, analysts surveyed by S&P Global Platts expect the EIA to report a fall of 250,000 barrels in crude supplies. The survey also forecast supply increases of 2.6 million barrels for gasoline and 900,000 barrels for distillates. February West Texas Intermediate crude was at $51.91 a barrel in electronic trading, down from the $52.11 settlement on the New York Mercantile Exchange.

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