Crude and product prices fell slightly by midday Thursday, on track for a second consecutive daily decline, as ongoing concerns over slower global
economic growth more than offset heightened Middle East tensions.
At 12:30 p.m. ET, the NYMEX June West Texas Intermediate contract fell 30cts to $82.50/bbl. London-based Brent for June was off 15cts to $87.90/bbl.
Distillate contracts underperformed gasoline after ULSD futures racked up recent gains following news of continued drone attacks at Russian refineries.
The more-active NYMEX June ULSD contract was down 2cts to $2.53/gal and the front-month May ULSD was off 2.1cts to $2.5385/gal.
The NYMEX June RBOB contract was 0.6ct lower to $2.7025/gal and May RBOB was 0.65ct lower to $2.728/gal.
On Wednesday, the petroleum futures complex finished broadly lower despite a bullish report by the Energy Information Administration. It showed U.S. crude
oil inventories fell by 6.4 million bbl in the week ending Friday, with stockpiles 3% below seasonal averages.
Gasoline inventories were about 600,000 bbl lower, with inventories 4% off the seasonal five-year average. Distillate supplies rose by 1.6 million bbl but
remain about 7% below where they are normally at in this time of year.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
04-25-24 1313ET
