Domestic crude inventories jumped to a new record, oil prices pared gains after data from US Energy Information Administration
28 March 2015, 18:11
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US oil prices pared gains after data from US Energy Information
Administration showed that domestic crude inventories jumped to a new
record to overshadow a slump in the dollar.
Light, sweet crude oil for May delivery was most recently up 43 cents or 0.9% at $47.93 a barrel after having hit highs of $48.37 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark was up 50 cents or 0.9% to $55.61a barrel on the London-based ICE futures exchange. It had earlier traded at $56.25 a barrel.
The EIA announced that the country’s stockpiles had grown by 8.2 million barrels in the week ending Friday.
This is the highest in monthly data in 80 years and is higher than the market expectation of growth by about 5.1 million barrels during the same week made by 8 analysts polled by Reuters.
In weekly data, which is not always aligned with monthly data, the glut is the highest since 1982.
“Bottom line, we’re filling up those stockpiles and as long as refinery operations are subdued, we’re going to see these” additions, Mark Waggoner, president of brokerage Excel Futures, told the Wall Street Journal. “This is about the time we ought to sell.”
Light, sweet crude oil for May delivery was most recently up 43 cents or 0.9% at $47.93 a barrel after having hit highs of $48.37 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark was up 50 cents or 0.9% to $55.61a barrel on the London-based ICE futures exchange. It had earlier traded at $56.25 a barrel.
The EIA announced that the country’s stockpiles had grown by 8.2 million barrels in the week ending Friday.
This is the highest in monthly data in 80 years and is higher than the market expectation of growth by about 5.1 million barrels during the same week made by 8 analysts polled by Reuters.
In weekly data, which is not always aligned with monthly data, the glut is the highest since 1982.
“Bottom line, we’re filling up those stockpiles and as long as refinery operations are subdued, we’re going to see these” additions, Mark Waggoner, president of brokerage Excel Futures, told the Wall Street Journal. “This is about the time we ought to sell.”
