DTN Oil Update
Oil Futures Fall on Revised GDP Despite Oil Crude Draw Last Week
HOUSTON (DTN) -- Oil futures dropped Thursday morning following the revised report of the real gross domestic product (GDP) showing a decrease of 0.2% in the first quarter of this year, and despite a weekly draw in commercial crude oil and gasoline inventories last week.
NYMEX-traded WTI futures contract for July delivery fell by $0.23 bbl to trade at $61.61 bbl, while ICE Brent for July delivery dropped by $0.21 bbl to $64.69 bbl.
June RBOB gasoline futures decreased by $0.0108 to $2.0784 gallon, while the front-month ULSD futures contract was down by $0.0085 to $2.0796 gallon.
The U.S. Dollar Index fell by 0.460 points to 99.325.
The American Petroleum Institute reported on Wednesday, May 28, that the commercial crude oil supply declined by 4.236 million bbl in the week ending May 23, compared to expectations for a 1 million bbl build. The data showed crude oil stocks at the Cushing, Oklahoma, tank farm, the delivery point for New York Mercantile Exchange West Texas Intermediate futures, fell by 342,000 bbl during the reference week.
In contrast, gasoline stocks fell by 528,000 bbl, while distillates inventories increased by 1.295 million bbl last week.
Separately, the Bureau of Economic Analysis reported that the real gross domestic product (GDP) decreased at an annual rate of 0.2% in the first quarter of 2025, according to the second estimate released this morning. This was above market expectations of a 0.3% decline.
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