DTN Oil Update

Oil Futures Climb Despite Crude Stocks Build

HOUSTON (DTN) -- Oil futures rose Wednesday, despite Energy Information Administration and American Petroleum Institute data showing a commercial crude oil inventory draw last week.

The EIA reported commercial crude oil inventories in the U.S. rose by 1.7 million barrels (bbl) to 437 million bbl in the week ended March 14. This was below the 4.593-million-bbl build reported by API on Tuesday, March 18, for the same reference week.

Gasoline stocks dropped by 500,000 bbl, week-over-week, to reach 240.6 million bbl, in the week ended March 14. This was above the 1.71 million bbl decrease reported by API for the same period.

Distillate fuel stocks recorded the steepest draw by falling 2.8 million bbl to 114.8 million bbl last week, according to EIA, which was larger than the 1.14 million bbl fall API reported for the same week.

Refinery utilization rose to 86.9% from 86.5% reported the prior week.

The front-month NYMEX WTI futures contract climbed by $0.43 to $67.33 bbl, and the May ICE Brent futures contract rose by $0.41 to $70.97. April RBOB futures contract increased by $0.0096 to $2.1780 gallon while the ULSD futures contract for March delivery rose by $0.0297 to $2.2242 gallon.

The U.S. Dollar Index also increased by 0.52% to 103.41, compared to a basket of foreign currencies.