Fundamental Oil Report (2011-01-19)

By @ibtimes on

NewsCrude hovers above $91 as US crude stockpiles forecasted to dropPreviousForecastAnalysisCrude traded above $91 per barrel today as investors await the US Energy Department to release inventory status figures which are expected to drop for the seventh consecutive week.

Crude today hovers above $91 per barrel recording its highest around $91.92 and lowest around $91.12, while it currently is trading around $91.77 per barrel.

Traders are anxiously awaiting for EIA report tomorrow at 11:00 EST, delayed from today due to Monday's Martin Luther King Jr Holiday, where inventories are projected to drop by 1.0 MB.

Crude yesterday traded around $91 per barrel recording its highest around $91.86 and lowest around $90.54 per barrel, closing around $91.22 per barrel. Futures slightly rose yesterday due to the Alaskan pipeline restarting production following repairs in the US, while optimism spread in markets after European Finance leaders met yesterday pledging to maintain stability and prevent the debt crisis contagion spread. 

As for NYMEX as of 04:49 EST; motor gasoline rose $0.44 recording $249.010 per gallon; heating is trading around $265.880 per gallon inclining $0.49; whereas natural gasoline gained $0.61 to record $4.452. In London, Brent futures jumped $0.37 to record $98.160.

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