Crude and refined product futures gave back early Wednesday gains and were largely unchanged at midday after the government reported sharp increases in refined product stocks.
The Energy Information Administration on Wednesday reported U.S. gasoline stocks rose by 8 million barrels in the week ended Friday, while distillate holdings increased by 6.5 million bbl.
The agency also estimated that U.S. crude stocks last week rose by 1.3 million bbl, following a sharp draw in the previous week.
The NYMEX February West Texas Intermediate contract was up 1ct at $72.25/bbl and the March contract was 5cts higher at $72.30/bbl as of 12:10 p.m. ET.
The London-based March ICE Brent crude contract was 10cts lower at $77.50/bbl and April Brent was off 15cts at $77.10/bbl.
Distillate futures were underperforming gasoline contracts. The NYMEX February ULSD contract was 2.70cts lower at $2.6225/gallon and March ULSD was off 2.6cts at $2.5745/gal.
The NYMEX February RBOB contract was up 0.5ct at $2.0810/gal and March RBOB was 0.55ct higher at $2.1085/gal.
Tuesday's strong winter storm caused power outages for an estimated 500,000 homes and businesses along the U.S. East Coast and that will likely lead to lower gasoline demand in the short-term.
In its January Short-Term Energy Outlook, EIA on Tuesday forecast U.S. crude oil production will set new records this year and in 2025. But it made no changes to its December forecast for U.S. petroleum and liquid fuel demand this year and next.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
01-10-24 1255ET
