EIA Reports Decline In U.S. Crude Supplies, But Product Stocks Up More Than Expected

The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell, but inventories of gasoline and distillates climbed more than expected. Crude stockpiles fell by 2.4 million barrels for the week ended Dec. 2. The American Petroleum Institute late Tuesday reported a decline of 2.2 million barrels, according to sources, while analysts polled by S&P Global Platts expected a fall of 1.7 million barrels. Gasoline supplies climbed by 3.4 million barrels and distillate stockpiles rose 2.5 million barrels, according to the EIA. The S&P Global Platts survey forecast much smaller increases of 900,000 barrels for gasoline and 100,000 barrels for distillates. January crude was down $1, or 2%, to $49.93 a barrel on the New York Mercantile Exchange, down from $50.41 right before the data.