Oil Moves Shallowly Mixed After Data
NEW YORK (DTN) -- New York Mercantile Exchange oil futures were mixed in the aftermath of weekly data from the Energy Information Administration. The data showed a larger-than-expected build in U.S. crude supplies during the week-ended Feb. 9, while detailing a surprise rise in gasoline stocks and a smaller-than-expected decline in distillate fuel supplies.
EIA reported a third straight weekly build in crude oil stocks, 1.8 million bbl higher at 422.1 million bbl that surpassed an estimated 500,000 bbl increase, but supply at the Cushing terminal in Oklahoma was drawn down by a more than expected 3.6 million bbl to a 32.7 million bbl better-than three-year low.
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On products, EIA reported gasoline inventories surged 3.6 million bbl to 249.1 million bbl, but remain down 10.0 million bbl year-on-year. Distillate supply declined 459,000 bbl to 141.1 million bbl, 28.7 million bbl lower than a year ago.
On Tuesday, the American Petroleum Institute showed a crude stock build of nearly 4.0 million bbl, a gasoline stock increase of 4.6 million and a gain for distillate inventory of 1.1 million bbl.
On production, EIA also reported U.S. oil production continued higher, rising 20,000 bpd last week to 10.271 million bpd, the highest output rate on record.
The market has been under pressure recently on a relentless surge in U.S. crude oil production. The agency last week projected production would average 10.6 million bpd this year, rising to 11.2 million bpd next year.
At 11:00 AM ET, NYMEX March West Texas Intermediate crude futures were up 18cts at $59.37 bbl while ICE April Brent crude up 36cts at $63.08 bbl. NYMEX March ULSD futures were 0.21cts higher at $1.8390 gallon, while March RBOB futures were down 0.59cts at $1.6794 gallon.
George Orwel can be reached at george.orwel@dtn.com
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