NYMEX crude oil stands still in Asia
On Wednesday, crude prices stood flat following US industry supply data. However, refined products demonstrated healthy drawdowns.
In New York, June delivery WTI crude futures were worth $43.65 per barrel. Meanwhile, Brent crude futures lost 0.16%, trading at $44.90.
On Tuesday, the American Petroleum Institute told its estimate of weekly oil stocks disclosed a build of about 1.265 million barrels. Then, distillates stocks fell 2.6 million barrels, while gasoline stocks slumped 1.17 million barrels as the summer driving season gets closer. A bit later on Wednesday, traders will get more closely-watched reports from the US Department of Energy.
On Monday, crude data as well as market intelligence company Genscape posted a build of approximately 871,000 barrels at the Cushing Oil Hub, Oklahoma. By the way, the major delivery point of NYMEX crude, Cushing, has almost approached full storage capacity.
A number of reputable energy experts think that the huge stockpile build is going to level as non-OPEC output keeps waning.