NewsThe EIA ReportPrevious-2.2 Million BarrelsForecast-0.9 Million BarrelsAnalysisCrude slightly dropped since Chinese inflation figures are spreading woes in markets suggesting that Chinese authorities need to tame the expansion in growth, while investors’ are anxiously awaiting the EIA report later on today.
Crude today hovers above $91 per barrel recording its highest around $91.77 and lowest around $91.08, while it currently is trading around $91.50 per barrel.
China’s stronger than expected expansion fanned fears of highlighted a rise in inflation that has dampened Asian markets, spreading woes as more analysts expect that Beijing will have to implement further monetary tightening, which could slowdown China’s need for crude and other commodities. China expanded in the fourth quarter by 9.8% up from a 9.6% recorded last July – September, but lower than the previous 11.9% witnessed in the first quarter of 2010.
Crude yesterday traded around $91 per barrel recording its highest around $92.98 and lowest around $91.45 per barrel, closing around $91.59 per barrel. Futures settled around its lowest yesterday due to the Alaskan pipeline restarting production following repairs in the US, specifically since it makes up 13% of the nation’s daily domestic oil production.
Moreover, the US Energy Department is forecasted to release data for inventory levels; with expected 0.9 MB drawback in crude stockpiles.
As for NYMEX as of 04:39 EST; motor gasoline fell $0.43 recording $247.100 per gallon; heating is trading around $265.090 per gallon declining $0.20; whereas natural gasoline shed $0.15 to record $4.554. In London, Brent futures slid $0.18 to record $97.980.