Oil Futures Edged Up on Crude Oil Stocks Draw Last Week


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX. (DTN)--Oil futures edged up on Wednesday,   following the 
Energy Information Administration and American Petroleum data showing a draw on 
commercial oil inventories last week.  

   U.S. commercial crude oil inventories posted a draw during the week ending 
June 20, as refinery inputs edged higher and imports rose, the EIA said on 
Wednesday.

   Crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 
5.8 million bbl to 415.1 million bbl last week, 9.9% below the five-year 
average for this time of year. This figure was above a 4.277 million bbl draw 
reported by API yesterday (6/24) for the same reference week.

   Meanwhile, gasoline inventories dropped by 2.1 million bbl to 227.9 million 
bbl last week, in contrast to API's reported 764,000 bbl build. Distillate fuel 
stocks fell by 4.1 million bbl to 105.3 million bbl, compared with a 1.026 
million bbl draw reported by API. Inventories remain about 13% below the 
five-year average for this time of year.

   The oil futures market discarded the geopolitical risk premium tied to the 
Israel-Iran war, which sent prices rocketing over the past two weeks. Both 
countries have so far largely adhered to the ceasefire, easing supply concerns

   The front-month NYMEX WTI for August rose by $0.73 to $65.10 bbl, and the 
ICE Brent futures contract for August delivery gained $0.70 bbl to $67.84 bbl.

   July RBOB gasoline futures increased by $0.0013 to $2.0870 gallon, while the 
front-month ULSD futures contract rose by $0.0162 to $2.3013 gallon.

   In contrast, the U.S. dollar index fell by 0.1600 points to 97.29 against a 
basket of foreign currencies.




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