WTI Oil Falls Last Week

December 17, 2013

West Texas Intermediate fell amid speculation that gasoline and distillate stockpiles increased last week in the U.S., signaling ample supply in the world’s biggest oil consumer, Bloomberg reported on December 17.

Futures dropped as much as 0.3 percent in New York. U.S. gasoline inventories rose by 1.75 million barrels in the seven days ended Dec. 13, adding to three weeks of gains, according to a Bloomberg News survey of analysts before data from the Energy Information Administration tomorrow. The industry-funded American Petroleum Institute is scheduled to release separate stockpile data today.

WTI for January delivery declined as much as 25 cents to $97.23 a barrel in electronic trading on the New York Mercantile Exchange, and was at $97.38 at 3:40 p.m. Singapore time. The contract climbed 88 cents to $97.48 yesterday. The volume of all futures traded was about 64 percent below the 100-day average.

Brent for February settlement slid as much as 26 cents, or 0.2 percent, to $109.15 a barrel on the London-based ICE Futures Europe exchange. The January contract expired yesterday after climbing $1.64 to $110.47. The front-month European benchmark crude was at a premium of $11.73 to WTI. The spread was $13.12 yesterday, the widest based on closing prices since Dec. 6.

Copyright: Bloomberg, 2013