NewsCrude lingers around $72 per barrel awaiting US supply dataPreviousForecastAnalysisCrude stabilized trading around $72 this morning due to investors expecting US inventories to drop easing demand fears from the largest energy consumer in the world.
Crude today opened around $72.05 per barrel recording its highest around $72.35 and lowest around $71.70, while it currently is trading around $71.70 per barrel.
Investors are anxiously awaiting the release of the anticipated EIA report that is expected as of 11:00 EST tomorrow which is delayed from today due to the Monday Independence Day Holiday; analysts expect US inventories to drop 3.5 MB, while distillate and gasoline inventories are expected to climb.
In addition, analysts are troubled over expectations regarding developed countries witnessing a sluggish growth pace in the second half of next year, as government spending shrinks amid austerity measures and expired stimulus measures.
Crude yesterday opened around $71.65 per barrel recording its highest around $73.85 and lowest around $71.10 per barrel, and settled around $72.05 per barrel. Crude pared its gains to end slightly higher after hitting the peak near $74 where the upside momentum was absorbed from rising equities and a lower dollar which boosted demand for commodities and crude; nonetheless, the reported slowing pace of services sector growth in US ignited once again fears over the outlook for growth pushing crude lower off highs.
As for NYMEX as of 03:00 EST; motor gasoline fell towards $196.850 per gallon by $0.280; heating oil is trading around $191.800 per gallon rising by $0.080; whereas natural gas also climbed $0.028 per 1000 cubic feet around $4.71. In London, Brent futures rose by $0.210 to trade around $71.240.