DTN Oil Update
Oil Futures Rise Despite Crude Oil Stocks Build Last Week
HOUSTON (DTN) -- Oil futures rose on Wednesday, following Energy Information Administration (EIA) and American Petroleum Institute (API) data showing a build on commercial crude oil and gasoline stocks, while gasoline inventory declined last week.
The EIA reported commercial crude oil inventories in the United States rose by 3.8 million barrels (bbl) to 419.0 million bbl in the week ended June 27. This was well above the 680,000 bbl build reported by API on Tuesday, July 1, for the same reference week.
Gasoline stocks increased by 4.2 million bbl week-over-week to reach 232.1 million bbl, in the week ended June 27. The figure was higher than the 1.920 million bbl increase reported by API for the same period.
In contrast, distillate fuel stocks fell by 1.7 million bbl to 103.6 million bbl last week, according to EIA, which was lower than the 3.458 million bbl decline API estimated for the same week.
Refinery utilization rose to 94.9% from 94.7% reported the previous week, according to the EIA.
The front-month NYMEX WTI futures contract climbed by $0.83 to $66.28 bbl, and the September ICE Brent futures contract rose by $0.91 to $68.02 bbl. August RBOB futures contract gallon edged up by $0.0018 to $2.1021 gallon, while the ULSD futures contract for August delivery increased by $0.0510 to $2.3779 gallon.
The U.S. dollar strengthened by 0.103 points to 96.57, compared to a basket of foreign currencies.
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