NewsThe EIA ReportPrevious0.4 Million BarrelsForecast-1.4 Million BarrelsAnalysisCrude has dropped, hovering around $77 per barrel due to an unexpected rise in US inventories, while consumer confident in markets dropped lower than forecast, thereby, reflecting a struggling growth and demand pace in the second largest energy consumer in the world.
Crude today traded above $76 per barrel recording its highest around $77.67 and lowest around $76.92, while it currently is trading around $77.32 per barrel.
Meanwhile, the EIA report yesterday showed an unexpected rise in US inventory levels, alongside consumer confidence slipping to its lowest level in five months and thereby pushing investors to discard trading in high-yielding assets.
Moreover, oil inventories rose to 356.3 MB last week; gasoline also climbed to 222.3 MB, adding 877,000 barrels; distillate fuel that includes heating managed to also gain 162.3 MB to add 407,000 barrels.
Crude yesterday traded above $77 per barrel recording its highest around $79.67 and lowest around $76.77 per barrel, closing around $77.07 per barrel. It managed to lose $1.48 or 1.9% due to disappointing US consumer confidence and manufacturing data, thereby spreading a pessimistic wave over markets.
On the other hand, stock markets have shown a rise in Japanese shares due to optimistic corporate earnings, as the yen weakens; Nikkei rose by 2.7% gaining 256.42 points to record 9753.27 points.
As for NYMEX as of 04:30 EST; motor gasoline dropped by $205.700 per gallon to record $0.30; heating is trading around $199.580 per gallon losing $0.18; whereas natural gasoline rose by $0.09 per 1000 cubic feet to record $4.679. In London, Brent futures dropped $0.17 to record $76.000.