EIA data show a decline in weekly U.S. crude supplies, but gasoline stockpiles edge higher

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 1 million barrels for the week ended Jan. 28. On average, analysts had forecast an increase of 1.1 million barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 1.6 million-barrel decrease, according to sources. The EIA also reported a weekly inventory climb of 2.1 million barrels for gasoline, while distillate stockpiles fell by 2.4 million barrels. The S&P Global Platts survey expected a supply climb of 1.7 million barrels for gasoline, but an inventory decline of 1 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 1.2 million barrels for the week. Oil futures continued to trade lower in the wake of the OPEC+ decision to boost output by 400,000 barrels per day in March, as expected. The March West Texas Intermediate crude contract was down 83 cents, or 0.9%, at $87.37 a barrel on the New York Mercantile Exchange. It traded at $87.85 before the supply data.

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