Oil Mixed in Midmorning Trade

NEW YORK (DTN) -- New York Mercantile Exchange oil futures moved mixed late morning Wednesday, with West Texas Intermediate crude and ULSD higher while RBOB reversed lower after the Energy Information Administration released its weekly oil data showing a surprise stock draw for crude oil and unexpected increases in gasoline and distillate supplies.

The EIA data was considered bullish for crude and bearish for products, with demand lower for gasoline and distillates while refinery crude inputs edged higher.

At 10:50 AM ET, NYMEX May WTI crude oil futures were up $1.21 at $37.10 bbl, with June Brent futures on the IntercontinentalExchange advancing $1.01 to $38.88 bbl.

NYMEX May ULSD futures gained 3.22cts to $1.1068 gallon, while May RBOB futures were down 0.51cts at $1.3727 gallon, reversing off a $1.3927 gallon two-day high.

EIA data showed a crude stock draw of 4.9 million bbl versus an expected build of 3.0 million bbl for the week-ended April 1. The American Petroleum Institute reported a crude stock draw of 4.3 million bbl for the week late Tuesday.

EIA reported a gasoline stock build of 1.4 million bbl versus an expected stock draw of 1.5 million bbl. API reported a draw of 116,000 bbl for the fuel.

EIA reported a distillate stock build of 1.8 million bbl compared to an expected stock draw of 300,000 bbl. API reported an increase of 2.7 million bbl for the fuel.

Also, renewed hope the Organization of Petroleum Exporting Countries and non-OPEC members would freeze production at their January level despite statements made recently to the contrary by Saudi Arabia also boosted oil futures. It comes after Kuwait said on Tuesday that a deal would likely be reached at a scheduled April 17 meeting even without Iran.

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