Oil Lower After Mixed EIA Report
NEW YORK (DTN) -- New York Mercantile Exchange oil futures extended lower after the Energy Information Administration reported a better than expected crude oil stock build in the United States and larger than expected product stock draws for the first week of November.
The EIA's report covering the week-ended Nov. 4 detailed a 2.4 million bbl crude oil stock build, surpassing an expected increase of 200,000 bbl.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
For products, EIA reported gasoline supplies declined 2.8 million bbl while distillate fuel supplies tumbled 1.9 million bbl for the week reviewed, steeper draws than the expected 1.2 million bbl and 1.8 million bbl, respectively.
At 11:00 AM ET, NYMEX December West Texas Intermediate crude futures were down 41cts at $44.57 bbl, off a 1-1/2-month low of $43.07. The IntercontinentalExchange January Brent futures contract fell 44ctcs to $45.60 bbl, off a three-month low of $44.40.
In products trade, NYMEX December ULSD futures were down 1.370cts to $1.4241 gallon, off a five-week low of $1.4043. The December RBOB futures contract eased 2.85cts to $1.3407 gallon, off a seven-week low of $1.3333.
Markets are also anxious after the unexpected election of Donald Trump as the 45th president of the U.S. while waiting for the Organization of Petroleum Exporting Countries to firm its plans to cut production when the 14 cartel members meet on Nov. 30 in Vienna.
George Orwel can be reached at george.orwel@dtn.com
(CZ)
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