Prices slump on economic data

摘要

Poor European economic data and rising US inventories put strong pressure on oil prices. Atlantic basin benchmark North Sea Dated fell by $4.20/bl to $114.18/bl in the week to 21 February, while US marker WTI shed $4.86/bl to $92.45/bl. Gulf coast crudes Mars and LLS rose relative to the US benchmark, ahead of looming restarts at local refineries. Shipments of shale crude and condensate from the Gulf coast rose, and trading firms mulled shipments from the Gulf coast to the east coast of Canada or the northeastern US. Most shipments from Corpus Christi - a key terminal for Eagle Ford shale crude - discharge at Gulf coast ports.