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MTECHTIPS:-Crude futures fall slightly after stronger than expected supply build

Crude futures see-sawed on a volatile day of trading, amid a stronger than expected build in U.S. crude stockpiles last week. On the New York Mercantile Exchange, WTI crude for November delivery traded in a broad range between $47.77 and $49.70 a barrel before settling at $47.83, down by 0.67 or 1.35% on the day. At one point, Texas Long Sweet futures reached their highest level since July 22. It came one day after crude futures surged approximately 5% following forecasts of increased global demand through the end of next year. Since touching down to six and a half year lows in late August, U.S. crude futures have gained roughly 25% in value. On the Intercontinental Exchange (ICE), brent crude for November delivery wavered between $51.23 and $53.15 a barrel before closing at $51.45, down 0.47 or 0.83% on the session. The spread between the international and U.S. domestic benchmarks of crude stood at $3.62, above Tuesday’s level of $3.35 at the close of trading. On Wednesday, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that U.S. crude inventories for the week ending on Oct. 2 rose by 3.1 million barrels. Analysts expected a more modest build of 2.2 million barrels for the week. At 461.0 million barrels, U.S. crude oil stockpiles remain near levels not seen for this time of year in at least the last 80 years. For the week, total motor gasoline inventories increased by 1.9 million barrels, while distillate fuel inventories decreased by 2.5 million barrels. U.S. production, meanwhile, soared by 176,000 barrels per day last week to 9.172 million bpd. A week earlier, crude output nationwide fell below 9.1 million bpd for the first time this year. In June, crude production throughout the U.S. reached its highest level in more than 40 years.

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