Crude oil and refined product futures rose broadly by midday Wednesday, underpinned by market expectations of more U.S. interest rate cuts and bullish weekly Energy Information Administration data.
At 12:10 p.m. ET, April NYMEX West Texas Intermediate crude futures rose $1.70 to $79.85 a barrel, and May WTI was ahead by $1.55 to $78.95/bbl. London-based ICE Brent contracts for May delivery climbed by $1.35 to $83.35/bbl and June Brent futures were $1.25 higher to $82.60/bbl.
In…
Crude oil and refined product futures rose broadly by midday Wednesday, underpinned by market expectations of more U.S. interest rate cuts and bullish weekly Energy Information Administration data.
At 12:10 p.m. ET, April NYMEX West Texas Intermediate crude futures rose $1.70 to $79.85 a barrel, and May WTI was ahead by $1.55 to $78.95/bbl. London-based ICE Brent contracts for May delivery climbed by $1.35 to $83.35/bbl and June Brent futures were $1.25 higher to $82.60/bbl.
In refined product futures, April NYMEX ULSD gained 5.7cts to $2.6635 a gallon, and May ULSD was 5.2cts higher at $2.614/gal. April RBOB increased 3.2cts to $2.5645/gal, and May RBOB was also 3.2cts higher at $2.615/gal.
The latest EIA data show both U.S. gasoline and distillate stocks posted drawdowns of more than 4 million bbl for the week ended Friday. U.S. commercial crude stocks increased by about 1 million bbl, which was less than what analysts had expected.
Earlier Wednesday, Federal Reserve Chair Jerome Powell said in congressional testimony that the U.S. central bank still expects to cut its benchmark interest rates later this year.
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
Nymex Overview: Oil, Product Futures Up on EIA Report, Rate Cut Optimism — OPIS
Published: March 6, 2024 at 12:35 p.m. ET
Crude oil and refined product futures rose broadly by midday Wednesday, underpinned by market expectations of more U.S. interest rate cuts and bullish weekly Energy Information Administration data.
At 12:10 p.m. ET, April NYMEX West Texas Intermediate crude futures rose $1.70 to $79.85 a barrel, and May WTI was ahead by $1.55 to $78.95/bbl. London-based ICE Brent contracts for May delivery climbed by $1.35 to $83.35/bbl and June Brent futures were $1.25 higher to $82.60/bbl.
In…
Crude oil and refined product futures rose broadly by midday Wednesday, underpinned by market expectations of more U.S. interest rate cuts and bullish weekly Energy Information Administration data.
At 12:10 p.m. ET, April NYMEX West Texas Intermediate crude futures rose $1.70 to $79.85 a barrel, and May WTI was ahead by $1.55 to $78.95/bbl. London-based ICE Brent contracts for May delivery climbed by $1.35 to $83.35/bbl and June Brent futures were $1.25 higher to $82.60/bbl.
In refined product futures, April NYMEX ULSD gained 5.7cts to $2.6635 a gallon, and May ULSD was 5.2cts higher at $2.614/gal. April RBOB increased 3.2cts to $2.5645/gal, and May RBOB was also 3.2cts higher at $2.615/gal.
The latest EIA data show both U.S. gasoline and distillate stocks posted drawdowns of more than 4 million bbl for the week ended Friday. U.S. commercial crude stocks increased by about 1 million bbl, which was less than what analysts had expected.
Earlier Wednesday, Federal Reserve Chair Jerome Powell said in congressional testimony that the U.S. central bank still expects to cut its benchmark interest rates later this year.
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
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