US crude oil futures gained on Wednesday as the Energy Information Administration reported a surprise decrease in crude oil inventories data for the week ending March 16^th, 2012. According to EIA’s report crude oil supplies for the week fell 1.2 million barrels as compared to analysts expected increase of 2.1 million barrels for the respective week.

The EIA also reported decrease of 1.2 million barrels in gasoline stockpiles while analysts forecasted the decline of 1.8 million barrels for the week. Distillates inventories which include heating oil and diesel gained 1.8 million barrels as compared to analysts’ expected increase of 1.6 million barrels for the week.

Crude oil futures contract for May delivery gained 1.1 percent or $1.20 to settle at $107.27 per barrel on the New York Mercantile Exchange.

Markets also slightly reacted to the comments of Saudi Arabia’s oil minister who said that oil supplies are ample globally and oil futures are trading at their overpriced level. However the comments were overlooked after the EIA’s data.

Among other energy commodities, gasoline futures contract for April delivery slipped $0.01 to $3.36 per gallon while heating oil futures contract for the same month fell 0.6 percent or $0.02 to settle at $3.22 per gallon. EIA also indicated surge in gasoline prices in case Sunoco Inc’s Pennsylvania refinery shuts down which produces 335,000 barrels per day.

Natural gas futures contract gained 1.1 percent or $0.02 to settle at $2.36 per million British thermal units.