|News||The EIA Report|
|Previous||-3.8 Million Barrels|
|Forecast||-2.7 Million Barrels|
|Analysis||Crude traded below $88 per barrel today for the second consecutive day after the US reported a rise in stockpiles, and the market turned jittery again over prospects for the global recovery. |
Crude today hovers around $88 per barrel recording its highest around $88.25 and lowest around $87.42, while it currently is trading around $87.70 per barrel.
The US Energy Department's API data yesterday said that inventories fell by 1.4 MB less the the forecasted drop of 3 MB; whereas demand on gasoline soared 2.4 MB last week, while distillates including heating added 2 MB its highest in a week suggesting sluggish demand on oil in the second largest economy in the world. Meanwhile, the EIA is awaited for release later today.
Crude yesterday traded around $88 per barrel recording its highest around $88.92 and lowest around $87.72 per barrel, closing around $88.24 per barrel. Futures fell yesterday as the dollar strengthened and thereby limiting the appeal of commodities.
As for NYMEX as of 03:56 EST; motor gasoline fell $0.37 recording $228.800 per gallon; heating is trading around $245.210 per gallon declining $0.64; whereas natural gasoline shed $0.42 to record $4.237. In London, Brent futures shed $0.47 to record $90.780.