Oil Mixed After EIA Data
OLD BRIDGE, N.J. (DTN) -- Oil futures nearest to delivery traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange were last seen trading mixed after to data from the Energy Information Administration showing commercial crude oil stocks increased 1.5% last week.
EIA reported commercial crude supplies increased 5.8 million bbl during the week-ended July 13, far more than the American Petroleum Institute's reported 600,000 bbl inventory build.
EIA said commercial crude oil inventories rose to 411.1 million bbl during the week profiled, leaving stocks down 16.2% from year ago levels. Stocks at Cushing, Oklahoma, the delivery point for the NYMEX WTI contract, supply fell for a ninth straight week, down to 24.858 million bbl from 25.718 million bbl the week prior.
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U.S. crude exports fell 566,000 bpd during the week profiled to 1.461 million bpd, while imports increased 1.635 million bpd to 9.066 million bpd.
Gasoline inventories dropped 3.2 million bbl to 235.8 million bbl compared to API's reported 425,000 bbl increase. EIA data showed implied gasoline demand increased 433,000 bpd to 9.708 million bpd while imports dipped 196,000 bpd to 657,000 bpd. Gasoline production dropped from the prior week's record high, down 407,000 bpd to 10.292 million bpd during the week profiled.
EIA said distillate stocks declined 371,000 bbl last week while API reported supply of the fuel rose 1.71 million bbl.
According to EIA, distillate fuel supplied to market, or implied demand, increased 336,000 bpd to 4.141 million bpd.
At last glance, NYMEX August WTI futures declined 7 cents to $68.01 bbl, while ICE September Brent crude futures added 12 cents at $72.29 bbl.
NYMEX August RBOB futures rose 0.27 cents to $2.0288 gallon, while August ULSD added 0.25 cents to $2.0726 gallon.
Brian Whary can be reached at brian.whary@dtn.com
(CZ)
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