|News||The EIA Report|
|Previous||-0.4 Million Barrels|
|Forecast||1.00 Million Barrels|
|Analysis||Crude traded below $104 per barrel today following mixed signals from the US of rising supplies that could lead to weaker demand, as traders await the release of the EIA report today.|
Crude today hovers around $104 per barrel recording its highest around $104.94 and lowest around $104.19, while it currently is trading around $104.75 per barrel.
The American Petroleum Institute yesterday reported a rise in inventories by 3.8 million barrels last week, higher than forecasts of 2.3 MB; whereas gasoline fell by 3.7 MB and distillates followed to record 1.5 MB. Traders eye the EIA Report later on today, which is expected to show a million barrel buildup in inventory levels.
Crude yesterday traded around $104 per barrel recording its highest around $105.75 and lowest around $103.32 per barrel, closing around $105.00 per barrel. Futures slid yesterday on news of an emergency OPEC meeting to discuss the situation in Libya and probably lead to decision to compensate cut supply if needed, which calmed the market over oil shortage.
Moreover, the ongoing violence in Libya has so far led to the cut of crude output by one million barrels per day as the market remains jittery regarding crude output levels.
As for NYMEX as of 04:34 EST; motor gasoline rose $0.41 recording $295.890 per gallon; heating is trading around $301.930 per gallon inclining $0.27; whereas natural gasoline gained $0.05 to record $3.866. In London, Brent futures climbed $0.51 to record $113.640.