EIA data show an unexpected rise in last week’s U.S. crude supplies

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The Energy Information Administration reported on Thursday that U.S. crude inventories climbed by 500,000 barrels for the week ended Jan. 14. On average, analysts had forecast a fall of 700,000 barrels, according to a poll conducted by S&P Global Platts. Data were delayed by a day this week because of Monday’s Martin Luther King, Jr., holiday. The American Petroleum Institute on Wednesday reported a 1.4 million-barrel climb, according to sources. The EIA also reported a weekly inventory increase of 5.9 million barrels for gasoline, while distillate stockpiles fell by 1.4 million barrels. The S&P Global Platts survey expected a supply gain of 2.4 million barrels for gasoline and an inventory decline of 1.1 million barrels for distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub edged down by 1.3 million barrels for the week. February West Texas Intermediate crude CLG22, +0.90% was up 53 cents, or 0.6%, at $87.49 a barrel on the New York Mercantile Exchange, ahead of the contract’s expiration at the end of the session. It traded at $87.47 before the supply data.

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