NEW YORK (DTN) -- New York Mercantile Exchange spot-month oil futures were shallowly mixed in reaction to weekly oil statistics from the U.S. Energy Information Administration, showing a ninth straight weekly crude stock draw and mixed supply data on refined products.
The EIA's report for the week-ended Jan. 12 detailed a better-than-expected 6.9 million bbl supply draw for crude to 412.7 million bbl, with supply down 72.8 million bbl or 15.0% year-on-year.
The crude stock draw came despite refinery runs falling 2.3% to 93.0% of operable capacity, while refinery crude inputs, a proxy for demand, tumbled 448,000 bpd to 16.87 million bpd.
On products, the EIA reported a better-than-expected stock draw of 3.9 million bbl for distillate fuels, while gasoline supply surged by a more-than-expected 3.6 million bbl during the week reviewed. Implied demand spiked for distillate fuels amid wintry weather conditions, but fell for gasoline.
At 11:30 AM ET, NYMEX February West Texas Intermediate crude oil futures little changed at $63.98 bbl. Intercontinental Exchange March Brent crude futures were 5cts lower at $69.33 bbl.
NYMEX February ULSD futures eased 0.59cts to $2.0632 gallon. February RBOB futures climbed 1.02cts to $1.8686 gallon, holding below a fresh 4-1/2 month high on the spot continuation chart of $1.8764.
Earlier, the 14-member Organization of the Petroleum Exporting Countries released its Monthly Oil Market Report, projecting non-OPEC supply to increase 1.15 million bpd year-on-year in 2018, an upward adjustment of 160,000 bpd from their estimate in December.
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