Reuters via Rigzone is reporting:
U.S. crude futures fell on Tuesday ahead of data expected to show that inventories in the world's top oil-consuming nation have risen close to record highs.
Brent also fell but was cushioned by continued concerns of an escalation in the standoff in Eastern Ukraine that could lead to further Western sanctions against Russia and disrupt supplies from one of the world's biggest producers.
The disproportionate fall of West Texas Intermediate crude futures led to the widening of the Brent-WTI spread by more than a dollar. U.S. crude settled at $102.13, down $2.24 a barrel, or more than 2 percent. Brent crude settled at $109.27, down 68 cents.
The May U.S. crude oil contract expires at the end of Tuesday making the June contract the new front month. But June futures settled almost 2 percent lower, at $101.75 a barrel.
Analysts said in the absence of a major escalation in Eastern Ukraine, where separatists still hold government buildings in defiance of a peace accord struck last week, attention instead has turned to U.S. crude oil inventories.
Stocks in the country are approaching all-time highs - after building 10 million barrels in the week ending April 11 they reached 394 million barrels, close to the record 398 million barrels hit last year.Wednesday inventory data (for week ending April 18, reported April 23, averages; some numbers rounded):
- crude oil refinery inputs: 16 million bopd = 367,000 bopd more than previous week
- refineries operated at 91% (better than 88% last week; not as good as 92% week before)
- gasoline production decreased by 9 million bbls/day
- crude oil imports dropped 475,000 bbls/day; down to 7.8 million bbls/day
- inventories (excluding the SPR) increased by 3.5 million bbls to 397.7 million bbls
- inventories well above the average range for this time of year
- gasoline inventories decreased by 0.3 million bbls last week; remain in the lower half of the average range
- gasoline demand up but curve is flattening
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