February crude settled $1.48 lower at $93.96/barrel Friday, as a large draw in stockpiles was overshadowed by a sharp drop off in product demand and rising distillate stocks. ICE February Brent settled 89 cents lower at $106.89/b. In products, NYMEX February ULSD settled 4.73 cents lower at $2.9394/gal and February RBOB ended 4.62 cents lower at $2.6488/gal. US Energy Information Administration data Friday for the week ended December 27 showed crude stocks fell 7 million barrels to 360.57 million barrels, but distillate stocks rose a surprising 5 million barrels to 119.1 million barrels, outpacing analyst expectations of a 600,000-barrel build. US gasoline stocks rose 800,000 barrels to 220.7 million barrels. At the same time, total implied demand for products fell 1.5 million b/d to 19.0 million b/d last week, EIA data showed. “There was a paring of earlier losses [in crude futures] […]