NYMEX Oil Mixed After Bearish EIA Data

NYMEX Oil Mixed After Bearish EIA Data

NEW YORK (DTN) -- New York Mercantile Exchange spot-month oil futures moved mixed Wednesday after the U.S. Energy Information Administration showed a smaller-than-expected crude oil stock draw and mixed data for refined products.

The EIA's Weekly Petroleum Status Report showed domestic commercial crude stockpiles were drawn down by 930,000 bbl during the week-ended April 28 versus an expected draw of 2.75 million bbl.

The report also showed gasoline stockpiles increased by 190,000 bbl instead of an expected increase of 250,000 bbl, and distillate supplies were drawn down by 562,000 bbl versus an expected increase of 1.25 million bbl.

On Tuesday, the American Petroleum Institute reported stock draws of 4.2 million bbl for crude oil, 400,000 bbl for gasoline and 1.9 million bbl for distillates.

On demand slide of the ledger, EIA reported refinery crude inputs declined 108,000 bpd last week, with implied demand down 50,000 bpd for gasoline while up 589,000 bpd for distillates.

"Overall, [the report is] not a major disappointment but it looks that way in comparison with the bullish API report," said analyst Tim Evans at Citi Futures.

At 10:40 AM ET, NYMEX June West Texas Intermediate crude oil futures traded 21cts lower at $47.45 bbl. IntercontinentalExchange July Brent futures traded down 11cts at $50.35 bbl.

NYMEX June ULSD futures edged down 0.39cts at $1.4641 gallon, and June RBOB futures traded up 0.34cts at $1.5170 gallon.

Oil futures fell on Tuesday after Reuters reported slack compliance in April by the Organization of the Petroleum Exporting Countries with their pledged production cuts of 1.8 million bpd. The futures complex reversed higher overnight after the API's bullish data.