Crude oil futures fell almost $3/bbl and refined product prices also slid by midday Wednesday, after the latest U.S. data showed a large U.S. commercial oil inventory buildup, pressured by possible easing geopolitical tensions amid the prospect of a Middle East ceasefire agreement.
At 12:10 p.m. ET, June NYMEX West Texas Intermediate crude contracts fell about $2.65 to $79.25/bbl, and July WTI dropped $2.6 to $78.65/bbl. London-based July ICE Brent crude futures were off $2.65 to $83.65/bbl and August Brent was $2.55 lower at $83.10/bbl.
Product futures tracked crude to trade sharply lower. June RBOB was down 9.1cts to $2.60/gal and July RBOB slid 8.85cts to $2.5655/gal. June ULSD fell 7.3cts to $2.455/gal and July ULSD tumbled 6.95cts to $2.469/gal.
For the week ending Friday, Energy Information Administration data showed crude oil storage levels jumped by 7.3 million bbl, due to a combination of lower refinery utilization, weaker crude exports and surging crude oil inventories in the Gulf Coast region.
Meanwhile, expectations of a ceasefire agreement between Israel and Hamas following a renewed push by Egypt and the U.S. also prompted some crude oil investors to sell.
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
05-01-24 1244ET
