Crude down despite falling inventories

摘要

New York—NYMEX September crude futures settled 70 cents lower at $100.27/barrel Wednesday despite inventory data showing US crude stocks fell more than analysts had expected last week. US commercial crude stocks fell 3.7 million barrels to 367.37 million barrels in the reporting week that ended July 25, US Energy Information Administration data showed. Analysts had been looking for a 2.1 million-barrel draw. ICE September Brent fell $1.21 at $106.51/b. In refined products action, NYMEX August RBOB settled 2.76 cents lower at $2.8433/gal. August ULSD fell 1.61 cents to settle at $2.8906/gal. “The market paid little attention to inventory today,” Tradition Energy analyst Gene McGillian said. “We thought the Cushing draw should have brought WTI some strength, but the spillover from the dollar, with the GDP figure beating expectations, now we have some fear that the [US Federal Reserve] will pull back from its stimulus plans.”