EIA reports little change to U.S. crude supply for a second week in a row

The Energy Information Administration reported Friday that domestic crude supplies barely budged for the week ended Dec. 28, adding just 7,000 barrels to stand at 441.4 million barrels. They fell by 46,000 barrels for the week ended Dec. 21. Analysts polled by S&P Global Platts expected the EIA, which delayed the release of its data by two days because of Tuesday’s New Year’s Day holiday, to report a fall of 1.3 million barrels in crude supplies. Sources said the American Petroleum Institute on Thursday reported a drop of 4.5 million barrels. Gasoline stockpiles, however, climbed by 6.9 million barrels last week, while distillate stockpiles rose 9.5 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 1.6 million barrels each for gasoline and distillate inventories. February West Texas Intermediate crude CLG9, +1.91% was up $1.61, or 3.4%, at $48.70 a barrel on the New York Mercantile Exchange, down from $48.98 before the data.

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