Oil prices were mostly flat today after the Fed held firm on its decision to hold off in rate cuts in the near future. U.S. crude inventories rose by 4.2 million barrels last week, surpassing analysts’ expectations of 2.74 million. Stockpiles have risen for five consecutive weeks due to unplanned refinery outages following a winter storm in January, along with planned plant turnarounds. “Refiners are still sidelined to a great degree, and not making a real effort to rapidly come out of the shutdowns experienced in the aftermath of the cold snap,” John Kilduff, partner at New York-based Again Capital, said. Gasoline stocks, in turn, have drawn down for a fourth straight week to a two-month low at 244.2 million barrels and about 2% below the five-year average for this time of year, the EIA said. WTI traded down $.33 or -.42% to close at $78.54. Brent traded up $.03 or .04% to close at $83.68.

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mars
  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Cyndi Popov (403-402-5043)
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mars
  • Where: La Quinta Resort & Club, La Quinta, California
  • Attending: Curtis Chandler (239.405.3365)
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  • Where: Charlotte Harbor, Florida
  • Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
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