EIA Reports Big Decline In U.S. Oil Supplies, Along With Jump In Product Stocks

Oil futures pared earlier gains Thursday after the U.S. Energy Information Administration reported that domestic crude supplies fell much more than expected, but stocks of gasoline and distillates spiked higher. Crude stockpiles declined by 7.1 million barrels for the week ended Dec. 30. The American Petroleum Institute late Wednesday reported a fall of 7.4 million barrels, though analysts polled by S&P Global Platts forecast a decline of 1.7 million barrels. Gasoline supplies, however, rose 8.3 million barrels while distillate stockpiles jumped up by 10.1 million barrels, according to the EIA. Reports on supplies this week were delayed by a day because of the New Year's Day holiday. February crude traded up 7 cents, or 0.1%, to $53.33 a barrel on the New York Mercantile Exchange, down from $53.90 before the data.