NewsThe EIA Report
Previous2.3 million barrels
Forecast1.4 million barrels
AnalysisCrude contracts declined in Asia today to trade below $75 per barrel after the dollar gained against the euro and other major currencies. We await the release of the EIA report from the U.S today for further indication on demand and inventory levels amid harsh weather conditions that forced the delay of the report.

The euro declined this morning to record 1.3627 following the EU Leaders pledge to aid Greece; though the news were good yet investors pondered upon the lack of provided details and fear that the plan will be insufficient to aid Greece out of its problems.

The attention today is set on the EIA report which was postponed from Wednesday till today, after snow storms dominated numerous regions in the US. Expectations are that stockpiles have increased 1.4 million barrels last week, compared with the week before of 2.3 millions barrels that played a role in insuring the weak demand levels continuing in the US, despite of the cold weather's tight grip.

The S&P GSCI index closed evening trades at 501.59 higher by 7.53; whereas the RJ/CRB commodity index followed and rose by 3.48 to close at 269.71.

As for NYMEX as of 03:40 EST; heating future contracts dropped to record $195.210 per gallon down $1.100; motor gasoline is trading around $192.650 per gallon lower by $0.920; whereas natural gas contracts also fell by $0.025 to record $5.371 per 1000 cubic feet. In London, Brent contracts receded by $0.600 to record $73.520.

Crude opened today at $75.25, recording its highest at $75.30 and lowest at $74.55 per barrel, where it is currently trading around $74.90 per barrel.