Oil Futures Mixed on Crude Stocks Build, Distillates Draw


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON TX (DTN) -- Oil futures were mixed Wednesday following American 
Petroleum Institute data showing another weekly build of commercial crude 
inventory, while gasoline and distillate supply stocks declined again.

   The April NYMEX WTI futures contract dropped by $0.15 to $66.75 bbl while 
the front-month ICE Brent futures contract fell by $0.14 to $70.42 bbl. April 
RBOB futures contract decreased by $0.0041 to $2.1643 gallon and April ULSD 
futures increased by $0.0103 to $2.2048 gallon.

   The U.S. dollar index rose by 0.42% to 103.31 against a basket of foreign 
currencies.

   The American Petroleum Institute reported a weekly build in commercial crude 
oil inventory for the week ending March 14. While gasoline and distillate 
supply stocks declined.

   Yesterday (3/18), the API reported commercial crude oil supply rose 4.593 
million bbl last week, while supply at the Cushing, Oklahoma, tank farm (the 
delivery point for NYMEX WTI futures) fell 1.141 million bbl.

   Gasoline supply dropped 1.708 million bbl in the week ended March 7, while 
distillate fuel supply fell 1.14 million bbl.

   Ample crude supplies and weak demand putting pressure on prices this morning 
as market participants focus on the Federal Reserve's decision on interest 
rates and geopolitical events in the Middle East.

   Today marks the conclusion of a two-day policy meeting of the Federal Open 
Market Committee. Fed Chair, Jerome Powel, is scheduled to announce the FOMC's 
interest-rate decision at 2:00 p.m. ET. Powell has stated that the Fed is in no 
rush to cut interest rates as the economy is performing well. Market 
expectations indicate that there will be no additional changes to the current 
rate policy.

   Yesterday, U.S. President Donald Trump and Russian President Vladimir Putin 
agreed to seek a limited ceasefire targeting energy and infrastructure targets 
in the Russia-Ukraine war. The announcement came after Israel launched deadly 
airstrikes across the Gaza Strip, marking a shift since a ceasefire took effect 
in January. Tensions in the Middle East were also fueled by U.S. airstrikes on 
Houthi rebels in Yemen over the weekend.

   These geopolitical events set a bullish sentiment to start the week, but 
anxiety over the potential impact of trade tariffs on the global economy and 
the possibility of a recession in the U.S. are expected to continue put 
pressure on the oil futures market.




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