Oil Futures Mixed on EIA Reports

OLD BRIDGE, N.J. (DTN) -- Oil futures nearest to delivery traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange continued mixed in midmorning trade after the release of weekly data from the Energy Information Administration showed commercial crude oil stocks increased for the first time in four weeks, while distillate inventories rose and gasoline stocks fell for the week ended June 29.

Mixed futures come after EIA said commercial crude oil inventories rose 1.2 million barrels (bbl) to 417.9 million bbl during the week profiled, which follows drawdowns during the first three weeks of June that pulled 20.0 million bbl from stocks. Despite the modest build, current supplies are 85.0 million bbl or 16.9% less than during the equivalent week in 2017.

EIA's crude build contrasts with Tuesday's American Petroleum Institute weekly supply data that reported a 4.5 million bbl decline.

U.S. crude exports fell 664,000 barrels per day (bpd) to 2.336 million bpd following the prior week's 626,000 bpd increase to a record high 3.0 million bpd. Imports of U.S. crude rose 699,000 bpd to 9.055 million bpd, a nearly 1-1/2 year high.

EIA reported gasoline stocks fell 1.5 million bbl to 239.7 million bbl, with implied demand up 137,000 bpd for the week ended June 29 to 9.869 million bpd, near the early June record high of 9.879 million bpd.

Distillate stocks edged up 100,000 bbl to 117.6 million bbl during the week reviewed, although are 32.9 million bbl or 21.8% below year ago. EIA reported implied distillate demand jumped 514,000 bpd to 4.126 million bpd.

At last look, NYMEX August RBOB futures were up nearly 2.25 cents just below $2.1400 after trading as high as $2.1508 gallon after the data was released. August ULSD was up nearly 3.0 cents, trading just above $2.1900 gallon, paring a jump to a $2.2022 high in reaction to the EIA data.

NYMEX August West Texas Intermediate crude futures was down nearly $1.00 at $73.25 bbl, with ICE September Brent crude futures slightly lower near $78.00.

Brian Whary can be reached at brian.whary@dtn.com