Crude oil pares gains after EIA inventories report
ecPulse
2014-08-27 15:33PM UTC
U.S. crude oil futures were slightly changed on Wednesday after a government report showed a larger-than-forecast drop in oil inventories but a fourth weekly increase at Cushing. -WTI crude oil futures for December delivery were last up 7 cents at $93.94 a barrel, after having hit a high of $94.23 a barrel earlier on the session. Crude-oil stockpiles fell by 2.1 million barrels to 360.5 million barrels in the week ended Aug. 22, the U.S. Energy Information Administration said Wednesday. Analysts had expected stocks to fall by 900,000 barrels on the week, according to Bloomberg estimates.. Stockpiles are at their lowest since Jan. 31. However, supplies in Cushing, Okla., rose by 500,000 barrels to 20.7 million barrels. Cushing is the physical delivery point for the Nymex contract. Benchmark U.S. prices have been showing a reaction to Cushing supply levels in recent months, and reports that Cushing supplies hit six-year lows earlier this summer boosted prices. Refining capacity utilization rose by 0.1 percentage point to 93.5% of capacity. Analysts had expected the operating rate to fall by half a percentage point in the week. Brent retreated from $103 a barrel on Wednesday, but was still higher on the back of a 14-month low hit last week. But on Wednesday traders were watching to see if the Buzzard oilfield in the North Sea, one of the biggest contributors to physical supplies underpinning Brent future contracts, would return quickly after shutting again for additional maintenance. -Brent crude for October delivery was up 12 cents at $102.62 a barrel in early U.S. trading, moving away from a 14-month low of $101.07 a barrel last week. The contract earlier hit a high of $103.05.
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