Singapore, 10 March (Argus) — Nymex crude futures were lower in today's after-hours trade, as a large increase in crude stocks reported by the American Petroleum Institute (API) kept the market nervous.
At 08:30 GMT the front-month Nymex April WTI crude contract was at $81.25/bl, falling by 24¢/bl from its close yesterday when the contract ended 38¢/bl lower.
Ice April Brent crude fell by 21¢/bl to $79.70/bl.
Nymex April heating oil fell by 0.43¢/USG to $2.0855/USG, while Nymex April RBOB gasoline rose by 0.14¢/USG to $2.2617/USG.
API data yesterday showed a 6.5mn bl rise in US crude stocks for the week to 5 March, a larger decline than the market predicted. But the API report said gasoline stocks fell by 3.2mn bl, when the market had expected a stockbuild. Distillates inventories also fell by 2.8mn bl, helping to temper the bearish tone of the report.
US EIA data, due out later today, may provide clearer direction for prices.
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