Oil Bounces on US Inventory Outlook

U.S. figures from the American Petroleum Institute (API) showed inventories shrinking by 1.4 million barrels over the past week versus expectations of a 2.4 million build drove Wednesday's price action. WTI Intermediate crude futures gained 1 percent to settle at $107.27 per barrel on the NYMEX.

Brent crude for May's contract was also up slightly compared to Tuesday's settlement. Front-month Brent settled at $124.20 per barrel, or 8 cents higher, at Wednesday's close.

Reformulated gasoline, which was up 16 percent since the end of January, surprisingly took a breather on Wednesday. Gasoline prices settled a penny lower at $3.357 per gallon for the day.

Natural gas, on the other hand, had a stronger showing for the day--up two cents to $2.36 per MMBtu at the settlement of the April contract.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Products Market Risk Analyst
Expertise: Financial Analyst|Risk Management
Location: Houston, TX
Cost Controls (Maitland, FL)
Expertise: Budget / Cost Control|Project Controls
Location: Maitland, FL
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $59.02/BBL 3.79%
Light Crude Oil : $52.22/BBL 3.07%
Natural Gas : $2.92/MMBtu 1.31%
Updated in last 24 hours