|News||Crude hovers around $81 as equities gain and tropical storm forms amidst the Atlantic Ocean|
|Analysis||Crude today traded around $81 per barrel for the first time since May, following positive economic data and global equity markets recording gains; while a tropical storm in the middle of the Atlantic Ocean threatens the Gulf of Mexico added more support to the bullishness.|
Crude today traded around $81 per barrel recording its highest around $81.57 and lowest around $81.22, while it currently is trading around $81.25 per barrel.
Crude oil jumped for the third consecutive day yesterday as the API report to be released later on today is expected to show a drop of 1.5 MB last week; distillates including heating rose by 1 MB from 167.5 MB.
The EIA report is scheduled to be released tomorrow.
Crude yesterday traded above $78 per barrel recording its highest around $81.75 and lowest around $78.82 per barrel, closing around $81.37 per barrel. It managed to gain $2.39 by 3% as futures climbed and improved sentiment regarding global economic prospects, where Europe is showing ongoing recovery in a faster than expected pace.
Moreover, the National Hurricane Center has stated that a tropical storm has formed yesterday amidst the Atlantic Ocean, thereby threatening the states lining the US Gulf of Mexico and specifically since this regions oil accounts for 31% of overall US crude output.
As for NYMEX as of 03:00 EST; motor gasoline rose by $217.180 per gallon to record $0.15; heating is trading around $216.360 per gallon gaining $0.46; whereas natural gasoline rose by $0.66 per 1000 cubic feet to record $4.732. In London, Brent futures ascended $0.37 to record $81.120.