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Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded

06 December 2017

Late Tuesday, the American Petroleum Institute, an industry group, released data showing a 9.2 million-barrel rise in gasoline stocks and a 4.3 million-barrel increase in distillate inventories for the week ended December 1, even as crude stocks came down by 5.5 million barrels.

Oil slid toward $57 a barrel after industry data showed US gasoline stockpiles expanded for the first time in four weeks.

The price for Brent crude oil was down 0.94 percent from the previous close to trade at $62.27 per barrel as of 9:15 a.m. EST. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed. The EIA also said, however, that gasoline inventories rose by 6.78 million barrels.

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US crude stockpiles probably declined by 2.5 million barrels last week, according to the median estimate in a Bloomberg survey before an Energy Information Administration report scheduled to be released on Wednesday.

Oil prices came under pressure Tuesday when the Organization of Economic Cooperation and Development said inflation moved lower for the world's major industrialized economies. WTI settled at $57.62 on Tuesday and opened at $57.45 Wednesday morning.

Distillate inventories, too, saw a build this week, up 4.259 million barrels, against a forecast of a 548,000-barrel build.

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Brent crude futures were down $1.28 at $61.55 USA a barrel approaching noon ET Wednesday, after reaching a session high of $62.93 US, while USA crude futures dropped $1.33, or 2.2%, to $56.33 U.S. Distillate production averaged 5.4 million barrels a day last week, up about 100,000 barrels a day compared to the prior week's production. Exports of refined products fell by 875,000 barrels a day last week to 5.04 million barrels a day. That price is near unchanged levels on the trading day.

Chevron Corp. (NYSE: CVX) traded down about 0.2%, at $120.10 in a 52-week range of $102.55 to $122.30.

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Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded