DTN Oil Update
Oil Futures Fall on Oil Stocks Build
HOUSTON (DTN) --â?¯ Oil futures fell Wednesday morning in response to American Petroleum Institute data showing a larger-than-expected build on oil inventory in the week ended Feb. 7.
The front-month NYMEX WTI futures contract fell by $1.04 to $72.28 barrel (bbl) and the April ICE Brent futures contract dropped by $0.96 to $76.04 bbl. March RBOB futures contract edged down by $0.0265 to $2.1208 gallon while ULSD futures contract for March delivery fell by $0.0038 to $2.5108 gallon.
The U.S. Dollar Index rose by 0.29% to 108.120 against a basket of foreign currencies.
The American Petroleum Institute reported yesterday (2/12/25) commercial crude supply rose in the week ended Feb. 7, posting a sizable build, while gasoline and distillate fuel inventories fell.
API reported commercial crude oil supply surged 9.043 million bbl in the week profiled while supply at the Cushing, Oklahoma, tank farm, the delivery point for NYMEX WTI futures, added 407,000 bbl.
Gasoline inventory dropped 2.507 million bbl in the week ended Feb. 7 and distillate supply declined by a less-than-expected 590,000 bbl.
The Bureau of Labor Statistics reported the Consumer Price Index for rose 0.5% in January, bringing the annualized rate of inflation for the all-items index to 3.0%. January inflation was above market expectation of 0.4%.
Yesterday, Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee, stating that the Fed is not in a hurry to increase interest as the economy remains strong.
Maria Eugenia Garcia can be reached at Maria.Garcia@dtn.com
