Crude oil futures were down in late morning trading Tuesday and refined product contracts were posting slight gains ahead of the release of weekly government supply and demand data on Wednesday.
The NYMEX December West Texas Intermediate contract was 27cts lower at $60.79/bbl at 11 a.m. ET and the January WTI contract was off by 28cts to $60.47/bbl.
The ICE January Brent contract was off by 26cts to $64.63/bbl and February Brent was 24cts lower at $64.20/bbl.
Diesel futures were leading refined products higher. The NYMEX December ULSD contract was up by 1.43cts to $2.4196/gal and the January ULSD contract was 1.12cts higher at $2.3867/gal.
The December RBOB contract was on track for a fourth-straight day of gains, up 0.48ct to $1.9209/gal. January RBOB futures were 0.3ct higher at $1.8782/gal.
The small moves in petroleum futures come as traders appear to be awaiting the release of U.S. supply and demand data Wednesday morning from the Energy Information Administration.
While OPEC and allied producers on Sunday approved a 137,000 b/d increase in production in December, the widely expected move did little to move the market.
Although oversupply concerns remain in place, the market is continuing to find some level of support from the U.S. government’s October decision to impose additional sanctions on Russian energy exports.
The American Petroleum Institute is scheduled to release its weekly stock data later on Tuesday.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
–Reporting by Steve Cronin, scronin@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
11-04-25 1209ET