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Crude Oil WTI Apr '19 (CLJ19)

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Crude Oil WTI Futures Market News and Commentary

Crude Oil Falls on Bearish Weeklyk EIA report

Apr WTI crude oil (CLJ19) on Thursday closed down -$0.20 (-0.35%) per barrel and Apr Brent crude (CBJ19) closed down -$0.01 (-0.01%). Apr RBOB gasoline (RBJ19) closed up +0.341 cents per gallon (+0.19%). Apr WTI crude fell back from a 3-month high posted in overnight trading on increased U.S. production and supplies. Thursday's EIA data showed a +0.8% w/w increase in U.S. crude production the week of Feb 15 to a record high of 12.0 million bpd and also showed that U.S. crude inventories rose +3.67 million bbl to a 1-1/4 year high of 454.5 million bbl, above expectations of +3.0 million bbl increase. In addition, crude stocks at Cushing, the delivery point for WTI crude oil futures, jumped +3.41 million bbl to a 13-month high. Weak global manufacturing data was another negative factor for energy prices after the Eurozone Feb Markit manufacturing PMI fell -1.3 to a 5-1/2 year low of 49.2, and the Japan Feb Nikkei manufacturing PMI fell -1.8 to a 2-1/2 year low of 48.5. Finally, concern about the U.S. economy kept pressure on energy prices after Thursday's Feb Philadelphia Fed business outlook survey fell -21.1 to a 2-3/4 year low of -4.1. Apr RBOB gasoline rallied to a new 3-month high Thursday after weekly EIA gasoline stockpiles fell -1.454 million bbl, a bigger decline than expectations of -500,000 bbl. Crude oil prices posted 3-month highs on Wednesday after the dollar index tumbled to a 2-week low along with positive carry-over from Tuesday's report that Saudi Arabian crude exports fell sharply by -1.3 million bpd in the first half of Feb compared with the same period last month. On the negative side is weaker compliance with crude output cuts as Jan OPEC+ compliance with crude production cuts was only 83%. In addition, the EIA on Tuesday raised its U.S. Feb shale oil production forecast by +1.6% to 8.31 million bpd from a prior estimate of 8.18 million bpd and raised its U.S. March shale oil production estimate by 84,000 bpd (+1.0%) to 8.4 million bpd.
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