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Thursday, February 25, 2021

Oil near $93 ahead of US supply report

BANGKOK (AP) — Oil wallowed near $93 a barrel Wednesday as energy markets waited for a U.S. report on crude supplies.

The benchmark U.S. crude futures contract for January delivery was down 22 cents at $93.46 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to $93.68 on Tuesday.

Oil is down from about $110 in October due to a muted outlook for demand, high supplies and reduced tensions in the oil rich Middle East.

Data for the week ending Nov. 22 is expected to show a decline of 1.5 million barrels in U.S. crude oil stocks and an increase of 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Crude oil supplies rose by 400,000 barrels for the week ended Nov. 15, the ninth straight weekly increase.

Brent crude, a benchmark for international oils, was up 6 cents at $110.94 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.5 cent to $2.687 a gallon.

— Heating oil shed 0.3 cent to $3.04 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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