Oil futures fall sharply after data shows US gasoline build

20 Apr 2017   Prices

A surprise build in US gasoline stocks last week triggered a sharp sell-off across the oil complex Wednesday, even though weekly US inventory data also showed draws in both crude and distillate inventories. Gasoline stocks rose 1.542 million barrels to 237.672 million barrels in the week ending April 14, Energy Information Administration data showed. Analysts surveyed Monday by S&P Global Platts were looking for a draw of 2 million barrels. NYMEX May RBOB settled 5.20 cents lower at $1.6590/gal. On the Atlantic Coast, home to the New York Harbor-delivered NYMEX RBOB futures contract, gasoline stocks fell 1.276 million barrels, but still sit at a 5 million barrel surplus to the five-year average for this time of year. Distillate stocks fell 1.955 million barrels last week, EIA data showed. Analysts were looking for a draw of 1.4 million barrels. Inventories have fallen 10 straight weeks by a total of 22.5 […]

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