Crude futures weakened during midmorning trade in Asia Feb. 19 as the support received from supply disruptions in the US due to freezing temperatures eased, allowing prices to return to fundamental values, market sources said. At 11:08 am Singapore time (0308 GMT), the ICE April Brent contract was down $1.39/b (2.17%) from the Feb. 18 settle at $62.54/b while the NYMEX March light sweet crude contract fell $1.54/b (2.54%) at $58.98/b. The US Energy Information Administration’s weekly inventory report released late Feb. 18 estimated a 7.3 million barrel draw in crude inventories the week ended Feb. 12. The EIA also reported a 3.4 million draw in distillate inventories and a smaller-than-expected build of 700,000 barrels in gasoline inventories over the same period. Despite the report seemingly signaling a bullish sentiment, price reaction […]