The Energy Information Administration on Wednesday reported that U.S. crude inventories rose by 4.1 million barrels for the week ended Jan. 27. On average, analysts forecasted a climb of 300,000 barrels, according to a poll conducted by S&P Global Commodity Insights. The EIA report also showed weekly inventory increases of 2.6 million barrels for gasoline and 2.3 million barrels for distillates. The analyst survey had forecast gasoline stockpiles as largely unchanged, and forecast a supply decline of 1.3 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub climbed by 2.3 million barrels for the week, the EIA said. March West Texas Intermediate crude CLH23 was down 22 cents, or 0.3%, at $78.65 a barrel on the New York Mercantile Exchange. It was at $78.72 before the supply data.
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