Oil’s Advance Peters Out Despite Surprise U.S. Crude Withdrawal - Bloomberg:
Oil’s longest streak of gains in almost two months lost momentum after swelling domestic fuel inventories neutralized a surprise decline in domestic crude inventories.
Futures in New York settled a penny below a three-month closing high on Wednesday. Crude supplies held in U.S. storage fell to levels not seen since early November following last week’s 1.1-million-barrel withdrawal. Still, stockpiles of gasoline, diesel and heating oil expanded even as as demand rebounded.
“The report was modestly bullish,” said Matt Sallee, portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “Gasoline continued its seasonal build.”
Oil’s longest streak of gains in almost two months lost momentum after swelling domestic fuel inventories neutralized a surprise decline in domestic crude inventories.
Futures in New York settled a penny below a three-month closing high on Wednesday. Crude supplies held in U.S. storage fell to levels not seen since early November following last week’s 1.1-million-barrel withdrawal. Still, stockpiles of gasoline, diesel and heating oil expanded even as as demand rebounded.
“The report was modestly bullish,” said Matt Sallee, portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “Gasoline continued its seasonal build.”
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