Feb. 12 (Bloomberg) -- West Texas Intermediate rose for the sixth time in seven days after an industry report showed stockpiles fell at the delivery point for the U.S. crude.
Futures gained as much as 0.5 percent in New York after slipping 0.1 percent yesterday. Inventories at Cushing, Oklahoma, the the biggest oil-storage hub in the U.S., shrank by 2.49 million barrels last week, the industry-funded American Petroleum Institute said after yesterday’s settlement. Distillate fuels, a category that includes heating oil and diesel, slid by 1.45 million, the API said.
“This is a very large decline, the largest I can remember,” said Michael Lynch, the president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It looks like the completion of pipelines is ending the bottleneck at Cushing.”
WTI for March delivery advanced as much as 53 cents to $100.47 a barrel in electronic trading on the New York Mercantile Exchange, and was at $100.36 at 10:13 a.m. Sydney time. The contract fell 12 cents to $99.94 yesterday. The volume of all futures traded was about 82 percent below the 100-day average. Prices are up 1.9 percent this year.
Brent for March settlement climbed 5 cents to $108.68 a barrel on the London-based ICE Futures Europe exchange yesterday. Prices are down 1.9 percent this year. The European benchmark crude ended the session at a premium of $8.74.
Total U.S. crude stockpiles rose by 2.13 million barrels last week, the API said. An Energy Information Administration report today is forecast to show supplies rose by 2.6 million, according to a Bloomberg News survey.