Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

West Texas Intermediate crude fell to session lows after the EIA reported that US crude stockpiles rose last week to a new record. However, prices drew support on better-than-expected China and US data, while Saudi Arabias oil minister said oil demand is growing and markets are calm.

US crude for delivery April traded 0.12% lower at $49.22 per barrel at 15:42 GMT. Prices tumbled to a session low of $48.43 after the data were published but were swift to recover to pre-release levels. The contract slid 0.34% on Tuesday to $49.28 a barrel, a fifth consecutive daily loss.

Meanwhile on the ICE, Brent for settlement in the same month stood at $59.24 per barrel, up 0.99% on the day, holding in a daily range of $59.57-$58.41. The European crude benchmark fell 0.41% on Tuesday to $58.66, settling at a premium of $9.38 to its US counterpart. The gap widened to $10.02 on Wednesday.

US crude stockpiles surged by 8.427 million barrels in the seven days through February 20th to 434.1 million, the highest for this time of the year in at least 80 years. Analysts had projected an increase of 3.98 million barrels. Stockpiles at the Cushing, Oklahoma storage hub rose to 48.7 million barrels from 46.3 million a week ago, the highest in at least a year.

Domestic crude production jumped by 5 000 barrels per day to 9.285 million bpd, the highest on weekly statistics dating back to January 1983. Crude oil imports rose by 174 000 bpd to 7.279 million bpd last week, while the four-week average of imports stood at 7.264 million, 0.7% below year-ago levels.

US refineries operated at 87.4% of their operable capacity, down from 88.7% a week earlier, with both gasoline and distillate fuel output increasing, to 9.7 and 4.7 million barrels per day, respectively.

Motor gasoline inventories slid by 3.118 million barrels to 240.0 million, exceeding projections for a drop of 1.47 million. Distillate fuel stockpiles, which include diesel and heating oil, fell by 2.711 million barrels to 124.7 barrels, compared to expectations for a 3.05-million decline.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • ONE’s battery prototype achieves 750-mile rangeONE’s battery prototype achieves 750-mile range Michigan-based startup Our Next Energy (ONE) said earlier this week it had tested a prototype of its new battery in a Tesla Model S, which achieved a driving range of 752 miles with a single charge.The company said it intended to […]
  • USD/CAD steady ahead of US ISM non-manufacturing dataUSD/CAD steady ahead of US ISM non-manufacturing data US dollar was almost unchanged against its Canadian counterpart on Monday in expectation of the service sector activity report out of the United States and amid uncertainty over the future of FEDs asset purchasing program.USD/CAD reached a […]
  • Crude oil trading outlook: futures gain as China demand rises, ample supply weighsCrude oil trading outlook: futures gain as China demand rises, ample supply weighs Both West Texas Intermediate and Brent benchmark crudes rose in early European trading on Tuesday as investors weighed rising Chinese oil demand against ample supply and concerns of slowing global economic growth. Expectations for a drop in US […]
  • Forex Market: EUR/NOK daily trading forecastForex Market: EUR/NOK daily trading forecast Yesterday’s trade saw EUR/NOK within the range of 8.1671-8.2058. The pair closed at 8.1724, losing 0.21% on a daily basis.At 7:02 GMT today EUR/NOK was down 0.21% for the day to trade at 8.1672. The pair touched a daily low at 8.1665 at […]
  • Forex Market: EUR/AUD daily forecastForex Market: EUR/AUD daily forecast During yesterday’s trading session EUR/AUD traded within the range of 1.4356-1.4426 and closed at 1.4364, losing 0.4% for the day.At 6:54 GMT today EUR/AUD was gaining 0.03% for the day to trade at 1.4368. The pair touched a daily high at […]
  • Crude oil trading outlook: WTI and Brent futures extend slideCrude oil trading outlook: WTI and Brent futures extend slide WTI and Brent futures were in the red during early trade in Europe today, as investors price in a hefty supply build in the US and a stronger dollar.WTI futures for October delivery on the New York Mercantile Exchange traded at $93.85 per […]