Futures Pros – Crude oil futures extended losses on Wednesday, dropping to a fresh daily low after a government report showed that U.S. crude oil inventories rose significantly more-than-expected last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD100.92 a barrel during U.S. morning trade, tumbling 2.61%.
It earlier fell as much as 2.75% to a daily low of USD100.83 a barrel. The crude contract traded at USD101.69 before the release of the data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose significantly more-than-expected in the week ended May 6, increasing by 3.8 million barrels, after jumping by 3.4 million barrels in the preceding week.
Analysts had expected U.S. crude oil inventories to rise by 1.1 million barrels.
Total U.S. crude oil inventories for the week ended May 6 stood at 370.3 million barrels, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased by 1.3 million barrels, confounding expectations for a decline of 0.75 million barrels, while stocks of distillate fuels including heating oil and diesel dropped by 0.8 million barrels.
U.S. crude oil imports averaged just under 9.0 million barrels per day last week, up by 87,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 8.8 million barrels per day, 943,000 barrels per day below the same four-week period last year.
The U.S. is the world’s largest consumer of crude oil.
Crude’s earlier losses came amid speculation of further monetary tightening by China and concerns over a slowdown in demand from the U.S.
Meanwhile, on the ICE Futures Exchange, Brent oil for June delivery slumped 2.43% to trade at USD114.24 a barrel, up USD13.40 on its U.S. counterpart.
Elsewhere, natural gas for June delivery dropped 1.9% to trade at USD4.185 per million British thermal units, while heating oil for June delivery fell 1.64% to trade at USD2.957 per gallon during U.S. morning trade.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD100.92 a barrel during U.S. morning trade, tumbling 2.61%.
It earlier fell as much as 2.75% to a daily low of USD100.83 a barrel. The crude contract traded at USD101.69 before the release of the data.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose significantly more-than-expected in the week ended May 6, increasing by 3.8 million barrels, after jumping by 3.4 million barrels in the preceding week.
Analysts had expected U.S. crude oil inventories to rise by 1.1 million barrels.
Total U.S. crude oil inventories for the week ended May 6 stood at 370.3 million barrels, remaining above the upper limit of the average range for this time of year.
Total motor gasoline inventories increased by 1.3 million barrels, confounding expectations for a decline of 0.75 million barrels, while stocks of distillate fuels including heating oil and diesel dropped by 0.8 million barrels.
U.S. crude oil imports averaged just under 9.0 million barrels per day last week, up by 87,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 8.8 million barrels per day, 943,000 barrels per day below the same four-week period last year.
The U.S. is the world’s largest consumer of crude oil.
Crude’s earlier losses came amid speculation of further monetary tightening by China and concerns over a slowdown in demand from the U.S.
Meanwhile, on the ICE Futures Exchange, Brent oil for June delivery slumped 2.43% to trade at USD114.24 a barrel, up USD13.40 on its U.S. counterpart.
Elsewhere, natural gas for June delivery dropped 1.9% to trade at USD4.185 per million British thermal units, while heating oil for June delivery fell 1.64% to trade at USD2.957 per gallon during U.S. morning trade.