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Inventory Rise Weighs On Crude

OIL

Crude futures have slipped in Asia-Pac trade on Wednesday, both benchmarks sustained some losses early on and have seen rangebound trade since. WTI is down around $0.56 at $61.11/bbl, brent is down $0.37 at $65.00/bbl.

  • Oil has come under pressure after API inventories yesterday showed a gain in crude stockpiles, the first build in five weeks, while there is also some concern that oil is entering overbought territory. Headline crude inventories saw a 1m/bbl increase which surprised the market against an expected decline on account of severe weather in southern US states shuttering production. In downstream markets the data showed a 66,000 bbl increase in gasoline and a 4.5m bbl decrease in distillate. Market participants will now be looking toward more comprehensive inventory data from the US DOE.
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