DTN Oil Update
WTI Climbs Nearly 3% on Steep US Crude Stock Draw
HOUSTON (DTN) -- Crude oil futures were mixed for a third consecutive trading session on Thursday, as Brent crude futures edged lower after media reports suggested the Trump administration may be considering easing sanctions on shadow fleet vessels. Meanwhile, the U.S. crude benchmark WTI gained nearly 3%, tracking lower-than-expected federal data showing a steep decline in crude oil inventories during the previous week.
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U.S. Energy Secretary Chris Wright at a conference earlier this week reportedly told participants that the administration was looking into easing the sanctions regime on Russian energy trade, specifically on the country's so-called shadow fleet, to combat record high tanker rates. Given that European shippers would continue to be barred by EU and UK sanctions from transporting Russian oil, a unilateral move by the United States is unlikely to have a significant impact on the market.
On Thursday, the Energy Information Administration (EIA) reported U.S. commercial crude oil inventories dropped by 8.6 million bbl to 415.6 million bbl, after declining 3.2 million bbl the previous week. This was the steepest draw in over two months, according to the agency. Stocks were 8.2 million bbl, or 1.9%, below the 423.8 million bbl reported during the same week last year. Crude oil imports dropped by 791,000 bpd to 6.049 million bpd, while exports also fell by 195,000 bpd to 4.570 million bpd.
However, the EIA's crude oil stocks figure was below the 11.12 million bbl draw reported by the American Petroleum Institute on Wednesday, Oct. 14, for the week ended Oct. 9, though it exceeded the 2.09 million bbl decline recorded the previous week.
ICE Brent for December delivery edged down $0.34 to $105.72 bbl, while the front-month NYMEX WTI futures contract rose $2.57 to $97.66 bbl.
Downstream, NYMEX ULSD for November delivery retreated by $0.1123 to $4.8151 gallon, and front-month RBOB futures contract dropped $0.0929 to $3.1666 gallon.
The U.S. Dollar Index fell by 0.492 points to 101.85 against a basket of foreign currencies.
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