Mixed Message with Brent Up, WTI Down on the Day
Broader markets were off to a strong start and by midday did not look back. The same cannot be said for West Texas Intermediate crude.
While starting off the trading day strong and touching a high that was over $1 above Tuesday's finish, NYMEX futures proceeded to trade lower on news from the EIA of a 4.2 million barrel inventory build.
Light, sweet crude for March delivery on the NYMEX settled down one percent, or 87 cents, to $97.61 per barrel. Futures for March Brent crude, while weaker during the later part of the trading day, finished at $110.98 per barrel; a gain of 58 cents above Tuesday's close.
Natural gas continued its losing streak this week. March contracts for natural gas fell approximately five percent, or 12 cents, to settle at $2.38 per MMBtu.
Among refined products, March reformulated gasoline blendstock continued to buck domestic oil's downward trend. RBOB finished mildly positive gaining 13 cents to $2.8922 per gallon.
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