DTN Oil Update
Oil Futures Mixed on Tariffs Deadline, API Report Draws
HOUSTON (DTN) -- Oil futures were mixed on Wednesday driven by concerns about a potential global oil demand slowdown due to escalating trade tensions, coupled with reports of a draw on commercial crude oil and gasoline inventories last week.
The front-month NYMEX WTI futures contract declined by $0.44 to $64.87 bbl, while September ICE Brent futures contract decreased by $0.46 to $68.13 bbl.
In contrast, August RBOB gasoline futures rose by $0.0050 to $2.1069, gallon while the front-month ULSD futures contract fell by $0.0227 to $2.4291 gallon.
The U.S. dollar strengthened by 0.048 points to 97.165 against a basket of foreign currencies.
The Trump administration has set Aug. 1 as the deadline to impose 30% additional tariffs on the European Union and Mexico, as well as other punitive taxes over several countries.
Meanwhile, the American Petroleum Institute reported Tuesday, July 22, that commercial crude oil and gasoline inventories declined by 577,000 bbl and 1.228 million bbl, respectively, in the week ended July 18. In contrast, distillate supply increased by 3.48 million bbl in the reference week.
Supply at the Cushing, Oklahoma tank farm, the delivery point for New York Mercantile Exchange West Texas Intermediate futures rose by 314,000 bbl.
At 10:30 a.m. EDT, the Energy Information Administration is scheduled to release U.S. inventory data.
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