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Tuesday, January 26, 2021

Oil slightly lower ahead of US stockpiles report

The Associated Press

The price of oil was down slightly Wednesday as energy markets waited for the latest figures on U.S. crude and fuel stockpiles.

Benchmark U.S. crude for April delivery was down 20 cents at $99.50 a barrel at 0605 GMT in electronic trading on the New York Mercantile Exchange. The contract gained $1.62 to $99.70 on Tuesday after strong U.S. factory data and an apparent easing in tensions over Ukraine.

Thursday is the last day of trading for the April contract.

Investors are awaiting fresh information on U.S. stockpiles of crude and refined products, which give a weekly indication about the strength of demand in the world’s biggest economy.

Statistics for the week ended March 14 are expected to show a rise of 2.6 million barrels in crude oil stocks and a decline of 1.6 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Brent crude, used to set prices for international varieties of crude, fell 2 cents to $106.77 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.5 cent to $2.89 a gallon.

— Heating oil gained 0.4 cent to $2.901 a gallon.

— Natural gas shed 0.7 cent to $4.449 per 1,000 cubic feet.

 

 

 

 

 

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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