Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

Oil Prices Fall After API Reports Huge Build In Gasoline Inventories

Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year.

Crude oil prices held mostly steady in early Asia on Wednesday as the market mulled the latest United States industry weekly inventory estimates and monitored geopolitical risks.

Brent Crude Oil price at London's IСE Stock Exchange down by 1.90% to $62.52 per barrel.

West Texas Intermediate for January delivery traded at $57.46 a barrel at 4:43 p.m. after settling at $57.62 a barrel on the New York Mercantile Exchange.

Brent crude futures LCOc1, the global benchmark for oil prices, were down 6 cents at $62.80 a barrel as of 0751 GMT.

US commercial crude stocks fell by 5.6 million barrels last week, while gasoline inventories gained 6.8 million barrels. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.

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Gasoline inventories disappointed bullish traders with a massive build during the week-ending December 1.

Despite this, some analysts said they expected refining margins to remain healthy into 2018.

Last week, the American Petroleum Institute (API) reported a surprise build of 1.821 million barrels of crude oil when analysts had expected a drawdown of 3.15 million barrels.

Among the heating fuels, January heating oil settled at $1.861 a gallon, down 2.8%.

Refiners "actually beat demand with [gasoline] production at a near record 9.758 million barrels a day, compared to daily demand of 8.895 million barrels a day last week", said Phil Flynn, senior market analyst at Price Futures Group.

US crude production continued to edge higher, with total domestic output at about 9.7 million barrels a day last week, up 25,000 barrels a day, according to the EIA. He is now striking a remarkably upbeat tone (http://www.marketwatch.com/story/trader-who-predicted-oil-under-30-says-prices-could-rally-to-100-2017-12-06) on the commodity.

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