Oil Retreats After Bearish Supply Data

NEW YORK (DTN) -- New York Mercantile Exchange oil futures moved mixed with West Texas Intermediate giving up most of the contract's earlier gains while RBOB and ULSD futures both reversed lower at last look following the release of the U.S. Energy Information Administration's weekly data showing petroleum stockpiles rose across the board.

The oil futures complex had gained earlier in the session after Iraq and Iran cautiously supported a plan by Saudi Arabia and Russia to freeze their oil production at January levels.

At 10:10 a.m. CT, NYMEX March WTI crude futures were up 2 cents at $30.68 barrel, reversing off a near two-week high of $31.98. April Brent crude oil futures on the IntercontinentalExchange fell 12 cents to $34.38 bbl.

In products trade, the NYMEX March ULSD futures contract eased 0.98 cents to $1.0781 gallon, reversing off a near two-week high of $1.1155. The March RBOB futures contract fell 3.35 cents to $0.99699 gallon.

EIA reported U.S. stock crudes rose by 2.1 million bbl during the week-ended Feb. 12, falling short of an expected 3.0 million bbl build while the American Petroleum Institute reported a stock draw of 3.3 million bbl.

EIA also reported a 3 million bbl stock build for gasoline while the market expected a 1.0 million bbl rise while API showed an 800,000 bbl increase.

EIA also reported a 1.4 million bbl stock build for distillates versus a 1.5 million bbl expected draw while API reported a 2.0 million bbl draw.

George Orwel can be reached at george.orwel@dtn.com