Fundamental Oil Report (2011-02-02)

By @ibtimes on

NewsThe EIA ReportPrevious4.8 Million BarrelsForecast2.5 Million BarrelsAnalysisCrude traded below $91 per barrel today as US supplies rose last week signaling possible unstable improvement in demand, and concerns have eased regarding the Egyptian situation effecting supplies from the Suez Canal.

Crude today hovers around $91 per barrel recording its highest around $91.02 and lowest around $90.38, while it currently is trading around $90.92 per barrel.

Crude yesterday traded around $92 per barrel recording its highest around $92.42 and lowest around $90.31 per barrel, closing around $90.44 per barrel. Futures rose yesterday as the dollar fell due to the chaos in Egypt leaving investors jittery regarding possible crude passing through the Suez Canal being disrupted.

The American Petroleum Institute (API) said yesterday that crude stockpiles rose 3.77 MB to 346.5 million last week ahead of the EIA report expected to report the same with buildup of 2.5 million barrels. 

Moreover, the current situation in Egypt still maintains center fold as president Hosni Mubarak stated yesterday that he will step down at the end of his presidency and elections in September of 2011. He was met with hundreds and thousands of angry protesters in Cairo’s Tahrir Square calling for his immediate resignation and rejected his proposition.

As for NYMEX as of 03:15 EST; motor gasoline fell $0.17 recording $251.500 per gallon; heating is trading around $275.910 per gallon inclining $0.08; whereas natural gasoline gained $0.39 to record $3.364. In London, Brent futures rose $0.08 to record $101.820.

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