Oil Mixed After EIA Report
NEW YORK (DTN) -- New York Mercantile Exchange oil futures were mixed in muted reaction to the Energy Information Administration's report issued at 11 a.m. ET showing a surprise build in domestic crude oil stockpiles, a bigger-than-expected build for gasoline stocks and an unexpected stock draw for distillate fuel supplies.
Near 11:30 a.m. ET, NYMEX February West Texas Intermediate futures traded up 31cts to $51.39 bbl. The IntercontinentalExchange March Brent crude oil futures contract was up 31cts at $54.23 bbl.
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NYMEX February ULSD futures gained 1.34cts to $1.6226 gallon and February RBOB futures eased 0.77cts to $1.5410 gallon.
The EIA report showed U.S. commercial crude oil inventories rose 2.3 million bbl to 485.5 million bbl during the week-ended Jan. 13, but the bearish crude data was ameliorated by other data showing crude stocks at the Cushing supply hub in Oklahoma fell by 1.2 million bbl to 65.7 million bbl.
The market anticipated crude stock draws of 270,000 bbl at Cushing and 2 million bbl nationwide.
On products, the EIA report showed gasoline supplies soared 6 million bbl while middle distillate supplies fell 986,000 bbl for the week profiled. The market expected builds of 1 million bbl each.
On demand, implied demand for gasoline tumbled by 401,000 bpd and refinery crude inputs plummeted 639,000 bpd but distillates demand jumped 897,000 bpd for the week.
Earlier, the oil futures complex rose on mixed data released late Wednesday by the American Petroleum Institute showing a bigger-than-expected U.S. crude stock draw and on an upward revision in global oil demand estimate for 2016 by the International Energy Agency.
George Orwel can be reached at george.orwel@dtn.com
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