• News
  • SAN DIEGO
  • Finance

WTI Climbs Sixth Time in Seven Days as Cushing Stockpiles Drop

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.

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.