Oil Futures Mixed
NEW YORK (DTN) -- New York Mercantile Exchange spot-month oil futures settled mixed Tuesday afternoon with ULSD edging higher while West Texas Intermediate crude and RBOB, plus Brent crude on the Intercontinental Exchange posted losses ahead of weekly oil supply statistics expected to show a stock build for crude oil inventories.
"The expected build in crude inventories, especially at Cushing hub in Oklahoma, weighed on market sentiment, support for WTI is holding above $60 bbl," said senior analyst Phil Flynn at Price Futures.
Analysts are expecting a 750,000 bbl build in domestic crude oil stocks, and a moderate 25,000 bbl build in crude oil supply at Cushing for the week ended March 9.
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Gasoline stocks are estimated to have posted a 1.75 million bbl draw down, while distillate fuel supplies are forecast to have declined 3.0 million bbl.
The American Petroleum Institute is scheduled to issue its weekly oil statistics at 4:30 p.m. EDT, while EIA's report is due out at 10:30 a.m. EDT Wednesday.
The EIA on Monday projected shale oil production from seven major U.S. oil plays is expected to increase by 131,000 bpd in April to 6.954 million bpd.
That forecast followed last week's EIA data showing total U.S. crude production at a 10.369 million bpd record high during the week ended March 2, up 0.8% on the week and 14.1% higher on the year.
Projected domestic output is forecast to climb to 10.7 million by the end of this year, and to 11.3 million bpd in 2019.
At settlement, NYMEX April WTI crude oil futures were 65cts lower at $60.71 bbl while ICE May Brent fell 31cts to $64.64 bbl. NYMEX April ULSD futures edged 0.92cts higher at $1.8739 gallon while April RBOB futures slipped 0.77cts to $1.8863 gallon.
George Orwel can be reached at george.orwel@dtn.com
(CZ)
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