API Data Show Rise In U.S. Crude Supplies, Unexpected Jump In Distillates: Sources

The American Petroleum Institute late Tuesday reported a rise in U.S. crude supplies that was slightly below some market expectations, along with a hefty, unexpected jump in distillate inventories, according to sources. Data revealed a rise of 1.5 million barrels in U.S. crude supplies for the week ended Jan. 6. Analysts polled by S&P Global Platts forecast a climb of 1.75 million barrels. Sources also said gasoline supplies rose by roughly 1.7 million barrels and distillates jumped by a more-than-expected 5.5 million barrels. "A big build in distillate may be because of weather impacting exports last week," said Price Futures Group's Phil Flynn. Supply data from the Energy Information Administration will be released Wednesday morning. February crude was at $50.82 a barrel in electronic trading, unchanged from the contract’s settlement on the New York Mercantile Exchange.