NEW YORK (DTN) -- New York Mercantile Exchange oil futures moved mixed at the start of regular trade Friday morning, with the ULSD and RBOB contracts lower as traders book profits after rallying Thursday into overnight trade after the Energy Information Administration reported steep stock draws for refined oil products in the United States.
NYMEX West Texas Intermediate crude futures were supported by cautious optimism the Organization of Petroleum Exporting Countries would make good on their plan to stabilize the global oil market. Russia early this week made a commitment with OPEC that it would freeze or reduce its own crude output as long as the recent OPEC pledge to cut its production holds.
OPEC hopes to give final approval for the implementation of recently agreed to output cuts at the Nov. 30 formal summit in Vienna. A technical committee created under the Sept. 30 Algiers accord to work out details of the agreement to cut production will meet for two days in late October ahead of the Vienna summit.
At last look, NYMEX November ULSD futures contract were down 1.13cts at $1.5683 gallon and the November RBOB futures contract eased 0.22cts to $1.4796 gallon. NYMEX November WTI crude futures rose 13cts to $50.57 bbl, and December Brent futures on IntercontinentalExchange eased 5cts to $51.98 bbl.
EIA's Weekly Petroleum Status Report showed gasoline stocks tumbled 1.9 million bbl and distillate supplies plunged by 3.7 million bbl during the week-ended Oct. 7, although crude supplies posted a 4.9 million bbl build for the week.
The EIA's Short-term Energy and Winter Fuels Outlook for October cut the agency's global oil demand estimate for both 2016 and 2017 versus STEO data published in September, although demand continues to grow year-over-year.
EIA's STEO also showed U.S. output averaged 9.4 million bpd in 2015 and forecasts domestic crude oil production this year at 8.7 million bpd.
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