Petroleum futures were moderately higher, and prices were supported by global demand optimism after China's customs data showed the country oil imports rose solidly in April.
Crude shipments to China, the world's top oil importer, increased by nearly 5.5% in April from a year ago, according to official Chinese data. A weaker U.S. dollar and equity gains on Wall Street also improved risk appetite for investors in equities and energy commodity futures.
NYMEX June West Texas Intermediate crude futures were up about 5cts to $79.05/bbl, and July WTI posted similar gains to $78.6/bbl.
London-based July ICE Brent crude was flat at around $83.6/bbl and August Brent inched higher to $83/bbl.
June NYMEX RBOB contracts were ahead by 0.65ct to $2.539/gal and July RBOB also rose 0.65ct to $2.5155/gal. June ULSD, however, fell slightly by 0.1ct to $2.475/gal and July ULSD was flat at $2.488/gal.
In refined product fundamental news, Vertex Energy on Thursday said it will pause renewable diesel production at its Mobile, Ala., refinery and use that capacity to produce more fossil-based fuels.
The plans were disclosed as Vertex reported a first-quarter net loss of $17.7 million. Vertex said it made 4,090 b/d of renewable diesel in the quarter, but at a loss of $10.5 million. Meanwhile, the company left open the possibility it could resume renewable diesel production should the economics improve.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Frank Tang, ftang@opisnet.com; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
05-09-24 1255ET
