NEW YORK (TheStreet) -- Valero Energy Corp. (VLO - Get Report)  shares are spiking 4.54% to $65.16 with oil on Wednesday afternoon following the U.S. Energy Information Administration (EIA) report earlier today. 

There was a steep decline in U.S. gasoline inventories last week, falling by 4.5 million barrels, compared to economists' expectations of a 1.4 million-barrel decline.

"Gasoline is the star of the show today. Ongoing strength in demand has yielded a large draw to gasoline inventories despite a rebound in refinery runs," Matt Smith, director of commodity research at ClipperData told Reuters

Meanwhile, crude supplies increased by 3.9 million barrels to almost 522 million barrels, matching Wall Street's forecasts.

Earlier today, Iraqi oil official said members and non members of OPEC plan to meet March 20 in Moscow to talk about a production freeze.

This afternoon, crude oil (WTI) is jumping 4.08% to $37.99 per barrel and Brent crude is up 3.33% to $40.97 per barrel. 

Based in San Antonio, Valero Energy operates as an independent petroleum refining and marketing company in the U.S., Canada, the Caribbean, the United Kingdom, and Ireland.

Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.

You can view the full analysis from the report here: VLO

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