Oil Prices Mixed Amid Quarter-on-Quarter Build
One of the top two crude oil benchmarks posted its second consecutive decline Thursday while another reversed course.
The West Texas Intermediate (WTI) contract price for May lost 36 cents Thursday, settling at $62.10 per barrel. The benchmark traded within a range from $61.89 to $62.77.
Brent crude oil for June delivery ended the day slightly positive, adding nine cents to settle at $69.40 per barrel. Thursday’s gain erases a six-cent decline from the previous session.
Mario de la Ossa, energy specialist with Orbital Insight, told Rigzone that crude oil inventories worldwide have increased from the fourth quarter of 2018 to the first quarter of 2019.
“Global stocks declined over 8 million barrels last week, leaving Q1 inventories 22 million barrels up versus Q4,” said de la Ossa. “Orbital Insight’s daily observations of Q1’s moderate build left the year-on-year overhang at 123 million barrels. In the U.S., floating roof tank stocks drew modestly while refinery runs are down 1.1 million barrels from last year.”
Price movements for reformulated gasoline (RBOB) frequently follow the same pattern as crude oil. In Thursday’s mixed case for the major oil benchmarks, RBOB moved in the same direction as the WTI. The May RBOB contract price lost slightly more than a penny, ending the day at $1.94 per gallon.
Henry Hub natural gas futures also finished lower Thursday. The May gas contract price lost more than three cents to settle at $2.64.
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