|News||Crude hovers above $91 as stockpiles drop|
|Analysis||Crude traded above $91 per barrel today as US stockpiles drop and thereby signaling a pickup in demand, while investors anxiously await the EIA report tomorrow.|
Crude today hovers around $91 per barrel recording its highest around $91.50 and lowest around $91.18, while it currently is trading around $91.30 per barrel.
US inventories yesterday dropped for the fourth consecutive week falling by 0.3% from 340.7 MB to 2.85 million, while gasoline rose to 1.63 MB from 217.2 million and distillates including heating fell 875 thousand barrels from 160.7 MB. Meanwhile, investors wait for the Energy Department to release its EIA report tomorrow delayed from today due to Christmas and New Year holidays.
Crude yesterday traded around $91 per barrel recording its highest around $91.64 and lowest around $90.74 per barrel, closing around $91.22 per barrel;futures rose 0.5% yesterday.
As for NYMEX as of 04:06 EST; motor gasoline fell to trade at $240.550 per gallon; heating is trading around $252.700 per gallon inclining $0.11; whereas natural gasoline lost $0.56 to record $4.264. In London, Brent futures shed $0.17 to record $94.220.