|News||The EIA Report|
|Previous||-1.3 Million Barrels|
|Forecast||-2.0 Million Barrels|
|Analysis||Crude traded below $89 per barrel today as US inventories rose signaling that demand may take more time to respond to the gradual recovery.|
Crude today hovers around $88 per barrel recording its highest around $89.39 and lowest around $88.51, while it currently is trading around $88.70 per barrel.
The US Energy Department released its weekly API report yesterday where futures fell by 0.5% as stockpiles gained 5.6 MB last week from 339.4 million; while distillates including heating climbed 750 thousand from 161 MB. Meanwhile, traders today await for the release of the EIA report where inventories are expected to have declined by 2 MB last week.
Crude yesterday traded around $89 per barrel recording its highest around $92.04 and lowest around $88.35 per barrel, closing around $89.20 per barrel. Futures fell 48 cents yesterday as the greenback climbed for the third day and thereby curbing speculative demand for raw materials.
As for NYMEX as of 04:01 EST; motor gasoline fell $1.30 recording $238.260 per gallon; heating is trading around $248.840 per gallon declining $0.72; whereas natural gasoline fell $1.61 to record $4.594. In London, Brent futures shed $0.48 to record $93.080.