Benchmark Crude Oil Futures Slip, Move Off Session Lows


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

    

   DAVENPORT, FL (DTN) --- Benchmark crude oil futures settled slightly lower 
Wednesday, moving off session lows in rangebound trade while renewed concerns 
over the global economic impact of trade tensions offset mixed domestic crude 
and refined products supply data.

   Energy Information Administration data released this morning show crude oil 
supply, not including the Strategic Petroleum Reserve, fell by 3.9 million 
barrels to 422.2 million barrels for the week ending July 11. That's 4.1% lower 
than at the same time last year.

   U.S. gasoline supplies rose by 3.4 million barrels to 232.9 million barrels 
in the week profiled, according to EIA data, and distillate fuel oil 
inventories increased by 4.2 million barrels to 107.0 million barrels.

   Trade talks stayed in focus, with reports indicating that the European 
Commission is preparing retaliatory tariffs if negotiations with the U.S. don't 
lead to a deal.

   NYMEX WTI futures for August delivery settled down 14 cents at $66.38 bbl, 
after trading as low as $65.42 bbl. The ICE Brent contract for September 
delivery fell 19 cents to $68.52 per barrel settlement, with the contract 
trading as low as $67.71 bbl in today's session.

   Meanwhile, August ULSD futures dropped $0.0137 to $2.3915 a gallon 
settlement, off a session low of $2.3554 gallon amid tight global supply. 
August RBOB gasoline futures shed $0.0256 to settled at $2.144 a gallon.

   The U.S. dollar index eased 0.200 points to 98.11.




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