API data show crude supply jump of 4.9 mln barrels

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- The American Petroleum Institute late Wednesday reported an unexpected 4.9 million-barrel climb in crude supplies for the week ended Jan. 17, according to data from sources. Analysts surveyed by Platts had forecast a decline of 1.9 million barrels in crude supplies. Sources also said the API reported gasoline stockpiles rose 1.1 million barrels, while distillate supplies fell 2.3 million barrels. Analysts were looking for gasoline supplies to rise by 1.7 million barrels and distillate inventories to fall by 1.2 million barrels. Following the data, March crude was at $96.70 a barrel in electronic trading, down from the $96.73 close on Nymex. The API data came a day later than usual because of Monday s Martin Luther King Jr. holiday. The more closely watched Energy Information Administration report is due Thursday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.