DTN Oil Update
Oil Futures Fall After EIA Reports Crude Inventory Build
Oil Futures Fall After EIA Reports Crude Inventory Build
HOUSTON (DTN) --â?¯Oil futures contract prices dropped Wednesday following reports from the Energy Information Administration and the American Petroleum Institute of a build in U.S. crude stocks for the week ended Feb. 7.
The EIA said commercial crude oil inventories in the U.S. rose by 4.3 million barrels (bbl) to 427.9 million bbl last week.
The EIA data on commercial crude oil inventories was below the 9.043-million-bbl draw for the same reference week reported by API Tuesday (2/11/25).
API also reported commercial crude oil supply surged 9.043 million bbl in the week profiled while supply at the Cushing, Oklahoma, tank farm, the delivery point for NYMEX WTI futures, added 407,000 bbl.
EIA said gasoline stocks dropped by 3 million bbl week-over-week to reach 248.1 million bbl, which was higher than 2.507 million bbl reported by API.
Distillate fuel stocks rose by 100,000 bbl to 118.6 million bbl last week.
Gasoline supplies were at 8.6 million bpd, 249,000 bpd higher than the previous week. Distillate fuel oil supplies dropped by 914,000 bpd to 3.7 million bpd in the reference week, the EIA said.
Refinery utilization rates were 85%, above the 84.5% reported the prior week, despite some U.S. Gulf Coast refineries are undergoing seasonal planned maintenance.
The front-month NYMEX WTI futures contract fell by $1.01 to $72.31 bbl, and April ICE Brent futures contract edged down by $0.95 to $76.05. March RBOB futures contract fell by $0.0151 to $2.1322 gallon while the ULSD futures contract for March delivery increased by $0.0261 to $2.4885 gallon.
Maria Eugenia Garcia can be reached at Maria.Garcia@dtn.com
