Petroleum futures remained lower heading into Wednesday afternoon trade after the latest Energy Information Administration data showed a build in U.S. crude stocks with mixed movements for refined product inventories last week.
At 11:50 a.m. ET, May NYMEX West Texas Intermediate crude futures slipped about 25cts to $81.40/bbl, and June WTI fell by a similar amount to $80.80/bbl.
London-based ICE Brent futures for May delivery was down 30cts to $85.95/bbl, and June Brent also dropped about 30cts to $85.35/bbl.
Most-active May NYMEX RBOB futures lost about 1.60ct to $2.6695/gal, and front-month April RBOB was 2.05cts lower to $2.68/gal. May ULSD fell 1.40ct to $2.6020/gal, and April ULSD was down 1.70ct to $2.6045/gal.
EIA data showed U.S. commercial crude inventories rose about 3.2 million bbl for the week ended Friday. While gasoline stocks gained about 1.3 million bbl, distillates posted a draw of 1.2 million bbl.
Earlier Wednesday, private weather forecaster AccuWeather said it expects more named storms during the 2024 Atlantic hurricane season compared to a year ago, citing multiple supporting factors including warm ocean temperatures and La Niña conditions.
Meanwhile, U.S. bank JPMorgan Chase said reduced output from Russia could push the price of crude to $100/bbl or more by late summer, higher than predictions from most large investment banks of above $90/bbl over the next several months.
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 Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
03-27-24 1234ET
