NewsThe EIA ReportPrevious-5.0 Million BarrelsForecast-1.1 Million BarrelsAnalysisCrude traded around $77 per barrel today since US crude inventories have unexpectedly risen last week consequent to second-quarter profits from US companies, while we anxiously await the release of the EIA report later on today.
Crude today traded around $77 per barrel recording its highest around $77.32 and lowest around $76.80.
Crude rose by 7.2% since July 06 on optimistic signs of a global economic expansion that is expected to prompt demand on oil. The earnings season is starting with strong signs which is further easing fears over the outlook. US ALCOA and Intel have reported better than expected results in the quarter, ahead of additional optimistic results expected this week from Google, JPMorgan and the Bank of America.
Crude yesterday opened around $75.05 per barrel recording its highest around $77.30 and lowest around $74.22 per barrel, closing around $77.17 per barrel. It managed to record a rise of $2.20 by 2.9% on the optimistic sentiment in the market and the depreciating dollar.
The American Petroleum Institute (API) reported a gain in distillate and gasoline inventories last week by 1.7 Million Barrels, while we await the release of the EIA report later on today since it is expected to show a drop of 1.1 MB in inventories, compared to the previous plunge in stockpiles by 5.0 MB.
As for NYMEX as of 02:59 EST; motor gasoline fell to $207.700 per gallon by $0.510; heating is trading around $204.200 per gallon dropping by $0.540; whereas natural gasoline gained $0.011 per 1000 cubic feet to $4.365. In London, Brent futures plummeted by $0.120 to record $76.530.