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Crude Oil Inventories fell unexpectedly

Thursday, Feb 22 2018
Crude Oil Inventories fell unexpectedly

Oil futures turned higher Thursday after government data showed an unexpected drop in crude inventories last week. The Energy Information Administration said crude-oil stocks fell by 1.616 million barrels in the week ended Feb. 16. Analysts surveyed by The Wall Street Journal had forecast a 1.9 million barrel rise.

Oil in storage in Cushing, Okla., the delivery point for Nymex WTI futures, continued to fall as well, declining by 2.7 million barrels. The drop in inventories comes even as refinery maintenance season gets under way, weighing on demand for crude. A rise in crude exports was also part of the picture, with the EIA apparently including the first export of a supertanker cargo loaded from the Louisiana Offshore Oil Port, said Matt Smith, director of commodity research at Clipper Data.

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