WTI Futures Pop Above Brent Futures as a Surprise Build in Inventories is Reported

WTI is up $0.96

“NEW YORK – The nation’s crude oil supplies decreased last week, the government said Wednesday.

Crude supplies fell by 1 million barrels, or 0.3 percent, to 360.3 million barrels, which is 8.8 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.

Analysts expected an increase of 2.5 million barrels for the week ended Jan. 11, according to Platts, the energy information arm of McGraw-Hill Cos.

Gasoline supplies grew by 1.9 million barrels, or 0.8 percent, to 235 million barrels. That’s 3.3 percent more than year-ago levels. Analysts expected gasoline supplies to rise by 3 million barrels.

Demand for gasoline over the four weeks ended Jan. 11 was 0.6 percent less than a year earlier, averaging 8.4 million barrels a day….”

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