Oil Futures Trim Gains - DTN The Progressive Farmer

At the key Cushing supply depot in Oklahoma, the delivery location for the NYMEX WTI futures contract, crude stocks fell 1.971 million bbl to a four-week low at 37.1789 million bbl.

Agency data showed domestic production rose 100,000 barrels per day to a fresh record high at 13.1 million bpd, which was 8.3% above the same time in 2019.

Modest crude build was realized as domestic refiners decreased oil throughputs by 312,000 bpd from the previous week to 15.69 million bpd, reflecting seasonal maintenance.

Federal data also showed U.S. crude oil imports increased 21,000 bpd to 6.2 million bpd during the week reviewed, while exports jumped 497,000 bpd to 4.154 million bpd, easing concern over depressed global oil demand.

In refined fuels, data showed gasoline inventories declined 4.5 million bbl during the week ended Feb. 28, far below market consensus for a 1.5 million bbl drawdown. At 252 million bbl, gasoline stocks in the United States are currently at an eight-week low and about 2% above the five-year average.

Data showed implied gasoline demand held higher, up 151,000 bpd to 9.186 million bpd in the week profiled, 1.4% more than the corresponding week in 2019.

Distillate fuel inventories were drawn down a seventh consecutive week, sinking 4 million bbl to 134.464 million bbl, a nine-week low and 1.1% lower than the corresponding week in 2019. Supplies are about 7% below the five-year average.

Total commercial petroleum inventories sank 11.9 million bbl last week, data shows. Total products supplied over the last four-week period averaged 20.4 million bpd, down 0.1% from the same period a year earlier.

Liubov Georges can be reached at liubov.georges@dtn.com

(BAS)

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