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Benchmark U.S. crude oil for April delivery fell 33 cents to $78.54 per barrel Wednesday. Brent crude for April delivery rose 3 cents to $83.68 per barrel.
Wholesale gasoline for March delivery fell 7 cents to $2.27 a gallon. March heating oil fell 9 cents to $2.66 a gallon.
April natural gas rose 8 cents to $1.89 per 1,000 cubic feet.
The energy sector is off to a slightly lower start, pressured by weakness in the major equity futures which are lower as investors wait for the release of January’s PCE data tomorrow morning.
WTI and Brent crude oil futures are trading near the flatline following last night’s API print which showed a sizable build in crude stocks and as market participants await economic data to assess the path for interest rate cuts. U.S. crude stocks showed an 8.43 million barrel build in the week ending Feb. 23, which surpassed expectations of a 1.8 million barrel build. Federal Reserve Governor Michelle Bowman signaled on Tuesday that she was in no rush to cut U.S. interest rates, particularly given continuing inflation risks. Meanwhile, the possibility of OPEC+ extending voluntary oil output cuts is lending support.
Natural gas futures rebounded this morning after touching their lowest levels in nearly four years following the expiry of the March contract yesterday, despite forecasts for milder weather.
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By Felicity Bradstock for Oilprice.com| Many countries need to invest heavily in upgrading their...
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