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Oil falls after U.S. crude production rises to 20-year high

By Mark Shenk, Bloomberg

February 13, 2013 • Reprints

West Texas Intermediate oil in New York dropped after the Energy Information Administration said U.S. crude output rose to the highest level in 20 years.

Prices declined 0.5% as production climbed to 7.06 million barrels a day last week, the most since December 1992, according to the EIA, the Energy Department’s statistical arm. Crude stockpiles rose 560,000 barrels to 372.2 million. Fuel supplies fell as demand grew to the highest level this year. Oil peaked earlier as data showed U.S. retail sales gained.

“The market is well supplied and demand is OK, although not spectacular,” said Chip Hodge, who oversees a $9 billion natural-resource bond portfolio as senior managing director at Manulife Asset Management in Boston. “The focus will turn back to the economic growth outlook.”

Crude oil for March delivery fell 50 cents to settle at $97.01 a barrel on the New York Mercantile Exchange. Futures have declined 3.9% in the past year. The volume of all contracts traded was 34% above the 100-day average at 3:27 p.m.

Brent oil for March settlement, which expired today, rose 6 cents to $118.72 a barrel on the London-based ICE Futures Europe exchange. The more actively traded April contract increased 13 cents to end the session at $117.88. Volume was 2.7%  above the 100-day average.

The European benchmark grade traded at a $21.71-a-barrel premium to WTI, up from $21.15 yesterday. The spread was $23.18 on Feb. 8, the widest level since Nov. 26.

Output Increase

U.S. production rose 67,000 barrels a day last week, the biggest increase since December, the report showed.

“We continue to see production gains but this has yet to translate into low prices,” said Marshall Berol, co-portfolio manager of the Encompass Fund in San Francisco, which has about $300 million in assets. “The limited impact of the production gain may be an indication that the economy is continuing to modestly pick up.”

The EIA report was projected to show a 2.2 million barrel increase in crude supplies, according to the median estimate of 10 analysts surveyed by Bloomberg.

Gasoline inventories declined 803,000 barrels to 233.2 million, according to the EIA. Stockpiles of distillate fuel, a category that includes heating oil and diesel, dropped 3.68 million barrels to 125.9 million. Refineries operated at 83.8% of capacity last week, down 0.4 percentage point from the prior week.

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Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Related Terms
oil 6597bank 6455Bloomberg 5254Oil 4709energy 3807commodities 3439Energies 2981International Monetary Fund 1712Organization of Petroleum-Exporting Countries 1337OPEC 1138New York Mercantile Exchange 1061retail sales 850Department of Commerce 838United Nations 783WTI 731Crude oil 647Brent 639Energy Information Administration 621Barclays Plc 573Department of Energy 546International Energy Agency 452heating oil 334ICE Futures Europe 251production 98International Atomic Energy Agency 77John Kilduff 54Again Capital LLC 53Iranian government 23monthly oil market report 22oil use 18Manulife Asset Management 8Chip Hodge 7Marshall Berol 7Encompass Fund in San Francisco 3Herman Nackaerts 1

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