Oil Prices Unchanged On EIA Data
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April crude (CLJ7) traded lower by $.18 or 0.3% to settle at $53.83. Trading volume was light with 832,000 crude oil futures contracts changing hands.
…some sophisticated oil hands are watching the U.S. closely for a signal that the cuts are really working. Rather than looking just at supply, one has to look where the crude is going.
Crude Oil Prices Daily Chart (CLJ7)
Crude Oil Prices Intraday Chart (CLJ7)
Key Crude Oil Spread Settlements
The EIA’s weekly petroleum status report posted an increase in crude oil inventories of 1.5 million barrels. Consensus estimates were for just over 3.0 million barrels.
+US Petroleum Balance Sheet – EIA
The world’s largest crude exporter shipped 7.04 million barrels a day in February, a drop of 126,000 barrels a day from January, vessel-tracking data compiled by Bloomberg show. Measured against the country’s own figures, outflows are down by about 1 million barrels a day since December.
Natural Gas Summary – NGJ7 Up $.025 or 0.9% to $2.799
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