Nymex Overview: Crude Rises on Stock Draw Before U.S. Interest Rate Decision -- OPIS
- Öl + Gas
Crude futures rose about $1 and refined product prices also increased by midday Wednesday after the latest U.S. data showed a drawdown in crude stockpiles ahead of a closely watched interest-rate decision and policy statement by the Federal Reserve.
At 11:50 a.m. ET, the most-active February NYMEX West Texas Intermediate crude futures were up about $1 at $70.60/bbl and January WTI also rose $1.05 to $71.10/bbl.
London-based February
Brent crude climbed 85cts to $74.05/bbl and March Brent was also 85cts higher at $73.70/bbl. February NYMEX RBOB futures gained 2.5cts to $1.979/gal and January RBOB increased 2.45cts to $1.9685/gal. February ULSD contracts rose 4.45cts to $2.277/gal and January ULSD was up 4.7cts to $2.2745/gal.
The
Energy Information Administration said Wednesday solid refined product exports in the week ended Friday limited a build in U.S. gasoline stocks while adding to a drawdown in distillate inventories.
Meanwhile, most economists expect the Federal Reserve to cut benchmark interest rates at the end of a two-day meeting later Wednesday. The
U.S. central bank's preferred inflation gauge showed core prices excluding volatile food and energy have remained higher than its 2% target.
Lower interest rates tend to stimulate
economic growth, which typically bodes well for global energy demand.
Analysts are also digesting news that a massive spending bill released by the House of Representatives Tuesday included the year-round offering of E15, or gasoline blendstock blended with 15% ethanol. The bill, if signed into law should increase the consumption of
ethanol and reduce that for
gasoline.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
(Reporting by Frank Tang,
ftang@opisnet.com; Editing by Michael Kelly,
mkelly@opisnet.com)
(END) Dow Jones Newswires December 18, 2024 12:29 ET (17:29 GMT) Copyright (c) 2024 Dow Jones & Company, Inc.
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