DTN Oil Update
Oil Futures Mixed Despite Crude Supply Build Last Week
HOUSTON (DTN) -- Oil futures showed mixed fortunes Wednesday morning, following Energy Information Administration and American Petroleum Institute data. The data showed commercial crude oil and distillates stocks rose while gasoline inventory declined last week.
The EIA reported commercial crude oil inventories in the United States rose by 6.2 million barrels (bbl) to 439.8 million bbl in the week ended March 28. This was slightly above the 6.1 million bbl build reported by API on Tuesday, April 1, for the same reference week.
Gasoline stocks dropped by 1.6 million bbl week-over-week to reach 237.6 million bbl, in the week ended March 28. The figure was flat compared to the decrease reported by API for the same period.
Distillate fuel stocks rose 300,000 bbl to 114.6 million bbl last week, according to EIA, which was larger than the 11,000 bbl increase API estimated for the same week.
Refinery utilization dropped to 86.0% from 87.0% reported the previous week.
The front-month NYMEX WTI futures contract edged down by $0.05 to $71.15 bbl, and the May ICE Brent futures contract fell by $0.19 to $74.30. May RBOB futures contract increased by $0.0045 to $2.3070 gallon while the ULSD futures contract for May delivery remained almost steady at $2.2883 gallon.
The U.S. Dollar Index also dropped by 0.47% to 103.48, compared to a basket of foreign currencies.
