WTI Trades Near One-Week Low as Stockpiles Rise to 82-Year High
West Texas Intermediate crude traded near the lowest level in more than a week after government data showed U.S. stockpiles climbed to the highest in 82 years.
Futures were little changed in New York after slumping 2.6 percent yesterday, the most in more than two weeks. U.S. crude supplies increased 6.7 million barrels last week to 395.2 million barrels, the most in weekly data started in 1982, figures from the Energy Information Administration show. According to monthly data, they were last at this level in 1931. Inventories were forecast to climb 1.1 million barrels, a Bloomberg News survey showed.
WTI for June delivery was at $90.87 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange at 10:15 a.m. Sydney time. The volume of all contracts traded was 60 percent below the 100-day average. Futures tumbled $2.43 to $91.03 yesterday, the biggest drop since April 15 and the lowest closing price since April 23.
Brent for June settlement slid $2.42, or 2.4 percent, to $99.95 a barrel on the London-based ICE Futures Europe exchange yesterday. The front-month European benchmark ended trading at a premium of $8.92 to WTI. It closed at $8.91 on April 30, the narrowest gap since Dec. 30, 2011.
U.S. gasoline supplies dropped 1.8 million barrels last week, figures from the Energy Information Administration show. They were projected to decline 900,000 barrels, according to the median estimate of 11 analysts in the Bloomberg survey.
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