DTN Oil Update
Crude Steady; Products Down as US Inventory Data Awaited
SECAUCUS, N.J. (DTN) -- Crude prices steadied on Tuesday, Feb. 10, morning while product futures dipped as market participants awaited weekly U.S. inventory data while monitoring the White House's efforts to rein in Iran's nuclear program.
The American Petroleum Institute (API) is scheduled to report at 4.30 p.m. EST inventory data for the week ended Feb. 6. During the prior week of Jan. 30, the API reported a plunge of 11.1 million bbl in crude stocks in the aftermath of Winter Storm Fern, against a forecast build of 700,000 bbl.
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Distillate fuel oil balances fell by 4.8 million bbl while gasoline inventories surged by 4.7 million bbl, the API said.
The U.S. Energy Information Administration will report on Wednesday, Feb. 11, official inventory data for the week ended Jan. 30, allowing traders to verify the API data.
Oil prices have been supported in recent weeks by risks related to Iran and its surrounding Strait of Hormuz, which is a key waterway for approximately 20% of the world's seaborne oil trade.
The U.S. on Monday, Feb. 9, warned its commercial vessels to stay away from Iranian territorial waters to minimize risk of detention. Tensions have been running high since U.S. President Donald Trump pressured Iran, a producer of 3.2 million bpd, into talks over the dismantling of its nuclear program.
In Tuesday morning trade, NYMEX WTI crude futures for March rose $0.13 to $64.49 bbl. April ICE Brent climbed $0.35 to $69.39 bbl.
Among refined products, March RBOB futures fell by $0.0071 to $1.9784 gallon. ULSD slid by $0.0217 to $2.3952 gallon.
The U.S. Dollar Index slid by 0.078 points to 96.61 against a basket of currencies, limiting the downside in prices of commodities, including crude and oil products.