Oil Futures Mixed Following EIA, API Data


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) --Oil futures were mixed on Wednesday, following Energy 
Information Administration (EIA) and American Petroleum Institute (API) data 
showing a build in commercial crude oil while gasoline and distillate 
inventories dropped last week. 

   The EIA reported commercial crude oil inventories in the United States rose 
by 7 million bbl to 426.0 million bbl in the week ending July 4. This was in 
line with the volume reported by API yesterday (7/8) for the same week 
profiled.  

   In contrast, gasoline stocks fell by 2.6 million bbl week-over-week to 229.5 
million bbl, in the week ended July 4. The figure was lower than the 2.2 
million bbl increase reported by API for the same week. 

   Distillate fuel inventory saw an 800,000 bbl draw, falling to 102.8 million 
bbl last week, according to EIA, which was on par with the declineAPI 
estimated for the same week. 

   Refinery utilization dropped slightly to 94.7% from 94.9% reported the 
previous week, according to the EIA. 

   The front-month NYMEX WTI futures contract rose by $0.21 to $68.54 bbl, and 
the September ICE Brent futures contract climbed by $0.20 to $70.35 bbl. August 
RBOB futures contract per gallon rose by $0.0072 to $2.1922. In contrast, the 
ULSD futures contract for August delivery fell by $0.0275 to $2.4138 gallon.  

   The U.S. dollar strengthened by 0.093 points to 97.265, compared to a basket 
of foreign currencies.  

    




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