LOS ANGELES, Jan. 14 (UPI) -- Crude futures showed a modest gain Wednesday as a build in U.S. gasoline supplies offset a decline in crude supplies during the past week.
February crude gained 7 cents to $34.50 per barrel on the New York Mercantile Exchange while increased supplies of refined products, as reported by the U.S. Energy Information Administration, pushed NYMEX futures for gasoline and heating oil lower.
The EIA reported a five-million barrel draw in crude inventories, bringing total supplies down to 264 million barrels, nearly 34 million barrels below the five-year average. Imports were off by 545,000 barrels per day, particularly on the West Coast.
Gasoline supplies rose 2.1 million barrels last week and distillate fuels increased nearly 3 million barrels on lower demand, offsetting a 330,000 bpd decline in the amount of crude run through the nation's refineries.
