• News
  • SAN DIEGO
  • Finance

WTI Oil Trades Near Week-Low as U.S. Crude Stockpiles Increase

March 26 (Bloomberg) -- West Texas Intermediate traded near a one-week low after an industry report showed crude stockpiles climbed in the U.S., the world’s biggest oil consumer.

Futures were little changed in New York after dropping for the first time in three days yesterday. Crude inventories rose by 6.28 million barrels last week, the American Petroleum Institute said. An Energy Information Administration report today will probably show supplies expanded by 2.5 million for a 10th week of gains, according to a Bloomberg News survey.

WTI for May delivery was at $99.15 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 9:07 a.m. Sydney time. The contract fell 0.4 percent to $99.19 yesterday, the lowest settlement since March 17. The volume of all futures traded was about 17 percent below the 100-day average. Prices are up 0.7 percent this year.

Brent for May settlement climbed 18 cents to $106.99 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $7.80 to WTI.

U.S. gasoline supplies shrank by 2.84 million barrels in the week ended March 21, the API said yesterday. They are projected to decline by 1.5 million in the EIA report, according to the median of 11 analysts in the Bloomberg survey.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

Subscribe Today!