Oil Prices Mixed as U.S. Crude Stocks Rise, Gasoline Drops


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude and refined product futures were little changed 
Wednesday (8/5) after a two-day plunge, as a surprise weekly build in U.S. 
crude stocks offset positive impact from new security threats in the Middle 
East.

   U.S. commercial crude stocks rose by 2.5 million bbl to 407 million during 
the week ended July 31, the Energy Information Administration (EIA) reported 
Wednesday (8/5).

   That defied market expectations for a draw of 1.5 million bbl and led to 
mixed outcomes for energy futures after the EIA also reported that gasoline 
inventories fell by 1.6 million bbl to 209.7 million, while distillate balances 
dropped by 3.5 million bbl to 107.2 million.

   NYMEX WTI for September delivery settled down $0.55, or 0.7%, at $75.22 bbl. 
The U.S. crude benchmark lost about 2% and 6% back-to-back in the two prior 
sessions.

   ICE Brent for October delivery closed up $0.09, or 0.1%, at $79.45 bbl. The 
global crude benchmark fell more than 12% combined in the first two sessions of 
the week.

   Among refined products, NYMEX ULSD for September delivery rose $0.0257, or 
0.7%, to finish at $3.7962 gallon. September RBOB retreated $0.0134, or 0.5%, 
to close at $2.8388 gallon.

   The U.S. dollar index slipped by 0.219 points to 99.52 against a basket of 
currencies.

   Fresh security risks across Red Sea trade routes triggered Wednesday's early 
bounce, highlighted by Houthi claims of a missile strike on a Saudi tanker off 
Yanbu and reports of a commercial vessel coming under fire near the Strait of 
Hormuz.

   The incidents checked optimism surrounding draft de-escalation proposals 
circulated by Qatari mediators to reopen Hormuz, even as U.S. President Donald 
Trump expressed confidence a deal was near while threatening severe retaliation 
if negotiations falter.

   Meanwhile, Tehran remains focused on establishing its own mandatory transit 
corridor through the Strait--a maneuver Washington views as a ploy to collect 
tolls from commercial shipping.




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