Crude supply falls, gasoline inventory soars again
BY MYRA P. SAEFONG
SAN FRANCISCO -- Crude oil and gasoline supplies unexpectedly fell for the week ended February 8, according to data from the American Petroleum Institute (API). Crude supplies declined by 2.3 MMbbl.
Analysts polled by Platts were looking for a 2.5 MMbbl climb. Gasoline inventories were down 810,000 bbls, while distillate stockpiles fell 1.1 MMbbl, the trade group said. Analysts forecast gasoline stocks to be unchanged and expected a fall of 1.6 MMbbl in distillate supplies. The API data come ahead of the more closely watched United States Energy Information Administration (EIA) report due Wednesday. Ahead of the API report, March crude (CLH3) settled at $97.51 a barrel, up 0.5%.
Dow Jones Newswires