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US oil prices erase gains after EIA data

Thursday, January 5, 2017 10:05
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Stockpiles of US crude fell for the first time in three weeks and registered their biggest weekly draw in four months on Thursday, data from the US government’s agency, the Energy Information Administration, showed.

However, oil prices wiped out gains after the report also showed a large build in refined crude products, with gasoline inventories rising by the most in nearly a year.

Inventories of US crude fell by 7.05mln barrels in the week ended December 30, poking fun at analysts’ estimates for a decline of just 2.15mln barrels.

Meanwhile, inventories of gasoline, the product into which crude is refined, climbed by 8.3mln barrels — the biggest weekly rise in January — compared with expectations for a rise of just 1.7mln barrels.

The US oil benchmark price, the West Texas Intermediate, was flat at $53.26.

Story by ProactiveInvestors


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