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Oil futures little changed after data shows product draws, crude build

New York (Platts)--13 Sep 2017 1114 am EDT/1514 GMT


Oil futures were little changed Wednesday after Energy Information Administration weekly data showed a build in US crude stocks and draws in gasoline and distillates directionally consistent with expectations.

EIA data released Wednesday covered the week ended September 8, providing insight into the full impact Hurricane Harvey had on US oil inventories and refinery operations.

The loss of Gulf Coast refining capacity has caused draws in product stocks and builds in crude inventory for the last two reporting periods.

The size of those swings last week was even larger than the previous week as refinery activity slowed further.

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Total refinery utilization fell 2 percentage points last week to 77.7%. That is down from 96.6% in the week ending August 25.

US crude inventories rose 5.888 million barrels to 468.241 million barrels in the week ended September 8, EIA data showed.

Analysts surveyed Monday by S&P Global Platts expected crude stocks to build 10.1 million barrels.

At 1442 GMT, NYMEX October crude was up 59 cents at $48.82/b. ICE November Brent was 34 cents higher at $54.61/b.

Before the release of the EIA data, NYMEX October crude was 51 cents higher at $48.74/b. ICE November Brent was 33 cents higher at $54.60/b.

US gasoline stocks declined 8.428 barrels to 218.310 million barrels last week, EIA data showed. Analysts expected a draw of 4 million barrels.

NYMEX October RBOB was up 18 points at $1.6581/gal. Before the release of the EIA data, NYMEX October RBOB was up 84 points at $1.6647/gal.

US distillate stocks drew 3.215 million barrels to 144.552 million barrels, EIA data showed. Analysts expected distillate stocks to fall 300,000 barrels.

NYMEX October ULSD was 33 points higher at $1.7439/gal. Ahead of the EIA data, NYMEX October ULSD was little changed, up 7 points at $1.7413/gal.

--Geoffrey Craig, geoffrey.craig@spglobal.com

--Edited by Jonathan Dart, jonathan.dart@spglobal.com




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