(Before It's News)
MTECHTIPS:-Crude ticks up, amid 10.4 million barrel build in U.S. inventories
U.S. crude futures inched up on Wednesday remaining near one-month highs after a massive build in domestic inventories last week exacerbated concerns that top storage facilities nationwide could reach full storage capacity in the near-term future. On the New York Mercantile Exchange, WTI crude for April delivery wavered between $34.47 and $35.14 a barrel before settling at 34.59, up 0.19 or 0.55% on the day. In U.S. morning trading, Texas, Light sweet futures eclipsed $35 a barrel for the first time since-early January before falling back after the bearish supply report. Since falling to 13-year lows near $26 in mid-February, WTI Crude has surged by approximately 20% over the past three weeks. On the Intercontinental Exchange, brent crude for May delivery traded between $36.11 and $37.34 a barrel, before closing at $36.90, up 0.09 or 0.24% on the session. North Brent Sea futures have also jumped by approximately 15% since falling below $30 a barrel on February 11. On Wednesday morning, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that U.S. commercial crude inventories for the week ending on February 26 increased by 10.4 million barrels from the previous week. At 518.0 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 1.5 million barrels last week, while distillate fuel inventories rose by 2.9 million barrels, remaining above the upper limit of its average range for this time of year. Investors priced in a considerable build after the American Petroleum Institute reported on Tuesday afternoon that crude stockpiles last week surged by 9.9 million barrels. The reading came in far above analysts’ expectations for an increase of 3.6 million. At the Cushing Oil Hub, inventories rose by 1.2 million barrels to a new record of 66.2 million, as the nation’s largest storage facility continues to approach its operational limit.
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