API data reportedly show weekly gains in U.S. crude and gasoline supplies

The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 1.4 million barrels for the week ended Jan. 14, according to sources. The API, which released its data a day later than usual due to Monday’s Martin Luther King, Jr., holiday, also reportedly showed a weekly inventory increase of 3.5 million barrels for gasoline, while distillate supplies edged down by 1.2 million barrels. Crude stocks at the Cushing, Okla., delivery hub fell by 1.5 million barrels last week, sources said. Inventory data from the Energy Information Administration will be released Thursday. On average, the EIA is expected to show crude inventories down by 700,000 barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for a weekly supply increase of 2.4 million barrels for gasoline and an inventory decline of 1.1 million barrels for distillates. Oil prices edged lower in the electronic trading session after the API data. February West Texas Intermediate crude
was at $86.44 a barrel in electronic trading, after settling Wednesday at $86.96 on the New York Mercantile Exchange – the highest finish since October 2014.

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