Nymex Overview: Petroleum Futures Rise on IEA Outlook, U.S. Crude Stock Draw -- OPIS
January 18 2024 - 1:05PM
Dow Jones News
Crude oil and refined product futures were higher at midday
Thursday, after the International Energy Agency raised its 2024
global oil demand estimates and the Energy Information
Administration reported U.S. oil stocks fell last week.
The more-active NYMEX March West Texas Intermediate contract was
up by about $1.50 to $74 a barrel as of 12:10 p.m. ET and the
front-month February WTI contract was $1.60 higher at
$74.15/bbl.
London-based March Brent crude was up by $1.25 to $79.15/bbl and
April Brent was $1.20 higher at $79.70/bbl.
The NYMEX March RBOB contract was up 3.75cts to $2.196 a gallon
and February RBOB was up by the same amount to $2.1730/gal. March
ULSD also added 3.75cts to $2.658/gal and February ULSD was ahead
by 3.85cts to $2.6925/gal.
EIA earlier in the morning reported U.S. crude stocks fell by
about 2.5 million bbl in the week ended Friday. While both gasoline
and distillate stocks rose, the increase was below gains reported
in the previous two weeks.
IEA on Thursday projected global crude production will rise by
1.2 million barrels a day this year. That's up from its December
forecast of 1.1 million b/d gain.
The agency also said growth in global oil demand slowed
significantly at the end of last year and is expected to weaken
further.
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
January 18, 2024 12:50 ET (17:50 GMT)
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