DTN Oil Update
Oil Futures Steady in Shorter Pre-Holiday Session
SECAUCUS, N.J. (DTN) -- Oil futures held steady in Wednesday's, Dec. 24, abbreviated session ahead of the Christmas holiday, as traders focused on upbeat U.S. GDP data and geopolitical concerns that had underpinned sentiment over the past week.
Weekly inventory data from the American Petroleum Institute (API) showing builds across the board in crude, gasoline and distillates did not appear to have much of an immediate impact.
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NYMEX WTI crude futures contract for February delivery was up $0.10, or 0.2%, at $58.47 bbl.
Front-month ICE Brent futures contract rose $0.05, or 0.1%, at $62.43 bbl.
NYMEX front-month RBOB futures climbed $0.0033, or 0.2%, to $1.7465 gallon.
However, the front-month ULSD futures contract bucked the uptrend, sliding by $0.0025, or 0.1%, to $2.1881 gallon.
The U.S. economy posted its best quarterly growth in two years during this year's third quarter, expanding by an annualized 4.3% versus Wall Street's forecast of 3.3%, data from the Bureau of Economic Analysis showed Tuesday, Dec. 23.
Oil futures have been bullish in the past five sessions, underpinned by news of U.S. seizures of Venezuelan oil cargoes and reciprocal attacks between Ukraine and Russian forces.
Late Tuesday, the API reported that U.S. commercial crude oil stocks rose by 2.4 million bbl during the week ended December 19, after a 9.3 million bbl draw the prior week.
Official inventory data from the U.S. Energy Information Administration, typically due on Wednesdays, will be delayed until Dec. 29 due to the Christmas break.
