DTN Oil Update
Oil Futures Edged Up on Crude Oil Stocks Draw Last Week
HOUSTON (DTN) -- Oil futures edged up on Wednesday, following the Energy Information Administration and American Petroleum data showing a draw on commercial oil inventories last week.
U.S. commercial crude oil inventories posted a draw during the week ending June 20, as refinery inputs edged higher and imports rose, the EIA said on Wednesday.
Crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 5.8 million bbl to 415.1 million bbl last week, 9.9% below the five-year average for this time of year. This figure was above a 4.277 million bbl draw reported by API Tuesday, June 24, for the same reference week.
Meanwhile, gasoline inventories dropped by 2.1 million bbl to 227.9 million bbl last week, in contrast to API's reported 764,000 bbl build. Distillate fuel stocks fell by 4.1 million bbl to 105.3 million bbl, compared with a 1.026 million bbl draw reported by API. Inventories remain about 13% below the five-year average for this time of year.
The oil futures market discarded the geopolitical risk premium tied to the Israel-Iran war, which sent prices rocketing over the past two weeks. Both countries have so far largely adhered to the ceasefire, easing supply concerns.
The front-month NYMEX WTI for August rose by $0.73 to $65.10 bbl, and the ICE Brent futures contract for August delivery gained $0.70 bbl to $67.84 bbl.
July RBOB gasoline futures increased by $0.0013 to $2.0870 gallon, while the front-month ULSD futures contract rose by $0.0162 to $2.3013 gallon.
In contrast, the U.S. Dollar Index fell by 0.1600 points to 97.29 against a basket of foreign currencies.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
