and we need to remember that there should NOT be an oil build in the next weeks report either, this is inventory draw down due the tax reasons,,, supplies fell by 1.2 million barrels for the week ended Dec. 21, according to a report from the American Petroleum Institute late Thursday. Gasoline inventories rose by 2.4 million barrels and distillate stocks rose by 2.9 million barrels, the report from the trade group said. The API data arrived ahead of the more closely watched U.S. Energy Information Administration report due Friday. Analysts polled by Platts expect a 2 million-barrel decline in crude stockpiles. They forecast a rise of 250,000 barrels in gasoline inventories and a decline of 350,000 barrels in distillate supplies. Ahead of the API data, February crude /quotes/zigman/2291766 CLG3 +0.47% slipped 11 cents, or 0.1%, to $90.87 a barrel on the New York Mercantile Exchange.
/quotes/zigman/2291766 Add to portfolio CLG3 Crude Oil - Electronic (NYMEX) Feb 2013 US : U.S.: Nymex $ 91.30 +0.43 +0.47% Volume: 2,383Dec. 27, 2012 8:32p91.6091.4091.2091.0090.80F 4:48pOil supplies down 1.2 mln barrels last week: API 2:58pOil slips to settle at $90.87 in 'choppy' trade 2:41pCrude oil sheds 11 cents to settle at $90.87
By Carla Mozee LOS ANGELES (MarketWatch) -- Oil futures fell Friday after the U.S. Energy Information Administration reported a smaller-than-expected decline in crude supplies for the week ended Dec. 21. Crude supplies fell by 600,000 barrels. Analysts polled by Platts expected a 2 million-barrel decline. Motor gasoline supplies rose by 3.8 million barrels, while distillate stocks rose by 2.4 million barrels, the EIA report said. Analysts had forecast a rise of 250,000 barrels for gasoline inventories and a decline of 350,000 barrels in distillate supplies. Following the latest data, February crude /quotes/zigman/2291766 CLG3 -0.28% traded at $90.73 barrel, down 16 cents, or 0.2%. It was trading around $91.20 ahead of the report. The American Petroleum Institute reported late Tuesday that crude supplies fell 1.2 million barrels last week.