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Oil Trades Near $78 as Industry Report Shows Gain in Stockpiles
- by cnming
Crude oil traded near $78 a barrel in New York after an unexpected increase in U.S. supplies bolstered skepticism about the pace of recovery in the biggest energy- consuming nation.
Oil pared its gains yesterday after the American Petroleum Institute reported crude inventories rose 2.89 million barrels last week. The U.S. Energy Department will release its weekly supply report today in Washington. Inventories are forecast to decline, according to a Bloomberg News survey.
Weekly Energy Department data "continues to look uninspiring, with falling refining capacity flagging a soft start to the U.S. heating oil season," Mark Pervan, a commodity strategist with ANZ Banking Group Ltd. in Melbourne, said in a research note.
Crude oil for January delivery traded at $78.20 a barrel, down 17 cents, in electronic trading on the New York Mercantile Exchange at 11:36 a.m. Sydney time. Yesterday, the contract rose 1.4 percent, or $1.09, to settle at $78.37. Oil fell below $77.80 following the API report, which came after settlement. Prices have gained 75 percent this year.
The Energy Department report is forecast to show that crude inventories fell 450,000 barrels, according to the Bloomberg News survey. Oil-supply totals from the API and Energy Department moved in the same direction 75 percent of the time in the past four years, according to data compiled by Bloomberg.
"What is really important now is for industrial production in the U.S. to come back online," Ben Westmore, an analyst with National Australia Bank in Melbourne, said by telephone. "Compared to the last 20 years, distillate stocks are still pretty much the highest they've been."
Distillate Supplies
Inventories of distillate fuels, which include heating oil and diesel, rose 1.06 million barrels to 168 million, the API report showed. The Energy Department will probably say stockpiles fell 350,000 barrels last week, according to the Bloomberg News survey.
"Part of that is going to be whittled away by the U.S. winter and demand for heating oil, but the other big thing, and probably more important in my view is the industrial production story," Westmore said. "Once that comes back online you expect, not withstanding more refinery operation, that distillate product will be wound down."
The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
Brent crude oil for January settlement on the London-based ICE Futures Europe exchange rose 88 cents, or 1.1 percent, to end the session at $79.35 a barrel yesterday.
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