|News||Crude hovers above $90 as US jobs market improves|
|Analysis||Crude traded above $90 per barrel today following optimistic data from the US as improved unemployment and jobs data boosted an expected improvement in demand, while inventories in the second largest energy consumer drop for the fifth consecutive week.|
Crude today hovers around $90 per barrel recording its highest around $90.68 and lowest around $90.16, while it currently is trading around $90.23 per barrel.
The US Energy Department yesterday released its EIA report, where data showed that supplies slipped for the fifth consecutive week from 4.16 MB to 335.3 MB surpassing the previously expected 1.6 MB; while gasoline rose from 3.29 MB to 218.1 million and distillates including heating also inclined 1.15 MB to 162.1 million.
Crude yesterday traded around $90 per barrel recording its highest around $90.81 and lowest around $88.08 per barrel, closing around $90.38 per barrel. Futures rose 92 cents yesterday as the greenback climbed for the third day and thereby curbing speculative demand for raw materials, while analysts expect the Fed to not provide further assistance to markets alongside the European debt crisis continuing to negatively impact global economic growth.
Moreover, additional data was released from the second largest energy consumer in the world as the Labor Department showed that total US payrolls and unemployment has improved, where private companies added 297 thousand jobs last month.
As for NYMEX as of 03:41 EST; motor gasoline rose $0.31 recording $245.280 per gallon; heating is trading around $254.200 per gallon declining $0.01; whereas natural gasoline climbed $1.61 to record $4.545. In London, Brent futures shed $0.21 to record $95.300.