Brent crude fell with West Texas Intermediate as a measure of Chinese manufacturing missed estimates. The spread between the grades was near the widest in two months after stockpiles at Cushing, Oklahoma, surged the most since October.
Futures declined as much as 1 percent in London and New York. A preliminary Chinese Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics slid to 50.3 for August. A median 51.5 was projected in a Bloomberg News survey. Crude inventories at Cushing, the delivery point for WTI, rose 1.755 million barrels in the seven days ended Aug. 15 to 20.155 million, the Energy Information Administration said in a report yesterday.
Inventories at the hub have risen for three weeks after a fire shut down CVR Energy Inc.’s refinery in Coffeyville, Kansas on July 29. The plant uses supplies from Cushing. Speculation the refinery would restart widened the premium of front-month WTI over later contracts, known as backwardation. Brent is in the reverse scenario, known as contango.
via Bloomberg
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