U.S. crude prices fell for the third straight week

Economies.com
2015-02-27 23:10PM UTC

U.S. crude prices hold below $50 a barrel on Friday in the U.S. trading session, after the release of mixed U.S. economic data. Gross domestic product for the final quarter of 2014 rose at a 2.2% rate, down from an initial estimate of 2.6%, the Commerce Department said. Chicago PMI, fell further than expected -- dropping to a five and a half year low of 45.8.

In addition, frigid temperatures nationwide caused the University of Michigan's Consumer Sentiment index to drop for the month of February following an 11-year high the previous month. At the same time, The National Association of Realtors Pending Home Sales Index increased 1.7% for January, marking the fifth consecutive month of year-over-year gains.

Early this week, The Energy Information Administration showed that the U.S. inventories rose last week to a record high as refineries cut output, while refined product inventories declined with distillates at record low.

Crude inventories rose 8.4 million barrels in the week ended Feb. 20, more than double analysts' expectations for a 3.4 million-barrel rise, to 434.1 million barrels, their highest for all time since records began 80 years ago, the EIA said.

U.S. crude futures for April delivery edged up 2.63% to $49.44 a barrel, by 10:59 p.m., while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.07 or 0.07% to 95.29.

Total motor gasoline inventories declined by 3.1 million barrels last week compared with expectations of 1.5 million-barrel drop, but are above the upper limit of the average range. Finished gasoline inventories inclined while blending components inventories declined last week. 

Distillate fuel inventories, which include diesel and heating oil, declined by 2.7 million barrels last week, versus expectations for a 3.1 million-barrel drop, and are in the lower half of the average range for this time of year, the EIA data showed in last Wendesday.

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