Nymex Overview: Refined Product Futures Give Back Gains on EIA Stock Builds -- OPIS
January 10 2024 - 12:10PM
Dow Jones News
Crude and refined product futures gave back early Wednesday
gains and were largely unchanged at midday after the government
reported sharp increases in refined product stocks.
The Energy Information Administration on Wednesday reported U.S.
gasoline stocks rose by 8 million barrels in the week ended Friday,
while distillate holdings increased by 6.5 million bbl.
The agency also estimated that U.S. crude stocks last week rose
by 1.3 million bbl, following a sharp draw in the previous
week.
The NYMEX February West Texas Intermediate contract was up 1ct
at $72.25/bbl and the March contract was 5cts higher at $72.30/bbl
as of 12:10 p.m. ET.
The London-based March ICE Brent crude contract was 10cts lower
at $77.50/bbl and April Brent was off 15cts at $77.10/bbl.
Distillate futures were underperforming gasoline contracts. The
NYMEX February ULSD contract was 2.70cts lower at $2.6225/gallon
and March ULSD was off 2.6cts at $2.5745/gal.
The NYMEX February RBOB contract was up 0.5ct at $2.0810/gal and
March RBOB was 0.55ct higher at $2.1085/gal.
Tuesday's strong winter storm caused power outages for an
estimated 500,000 homes and businesses along the U.S. East Coast
and that will likely lead to lower gasoline demand in the
short-term.
In its January Short-Term Energy Outlook, EIA on Tuesday
forecast U.S. crude oil production will set new records this year
and in 2025. But it made no changes to its December forecast for
U.S. petroleum and liquid fuel demand this year and next.
This content was created by Oil Price Information Service, which
is operated by Dow Jones & Co. OPIS is run independently from
Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff
Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
January 10, 2024 12:55 ET (17:55 GMT)
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