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API data reportedly show a weekly drop in U.S. crude supplies1-3-18 4:39 PM EST

The American Petroleum Institute reported Wednesday that U.S. crude supplies fell by 5 million barrels for the week ended Dec. 29, according to sources. The API data showed a rise of 1.9 million barrels in gasoline stockpiles, while inventories of distillates climbed by 4.3 million barrels, sources said. Supply data from the Energy Information Administration will be released Thursday morning, a day late due to the New Year's Day holiday. Analysts polled by S&P Global Platts expect the EIA to report a decline of 5.7 million barrels for crude inventories. They also forecast a rise of 2 million barrels for gasoline and an increase of 1.3 million barrels for distillate supplies. February crude was at $61.79 a barrel in electronic trading, up from the settlement of $61.63 (http://www.marketwatch.com/story/crude-prices-get-fresh-lift-from-extended-iran-unrest-2018-01-03), a roughly three-year high, on the New York Mercantile Exchange.

-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com

 

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01-03-18 1639ET

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