Fundamental Oil Report (2011-03-10)

By @ibtimes on

NewsCrude jumps near $105 as Libyan violence intensifiesPreviousForecastAnalysisCrude traded above $105 per barrel today following violence in Libya further disrupting crude output amid renewed battles in areas around key oil installations.

Crude today hovers around $104 per barrel recording its highest around $105.04 and lowest around $104.00 while currently trading around $104.42 per barrel.

US stockpiles yesterday surged to the highest level since 2004, recording a rise by 2.52 MB to 348.9 million; whereas gasoline inventories fell by 5.49 MB to record 229.2 million and distillates including heating followed and dropped by 3.98 MB to record 155.2 million.

Crude yesterday traded around $104 per barrel recording its highest around $105.88 and lowest around $103.90 per barrel, closing around $104.39 per barrel. Futures slid yesterday on the rise in US inventories easing woes over supply amid OPEC's readiness to boost supply and also pressured by the strong dollar and fears over the slowing global recovery.

Jitters rose with the recent renewed outbreak of violence in Libya as loyal forces for Muammar Gaddafi damaged the country’s largest oil refinery and storage complex in Sirte’s Ras Lanouf area, where warplanes struck the region cutting output.

As for NYMEX as of 04:11 EST; motor gasoline fell $0.15 recording $302.270 per gallon; heating is trading around $307.060 per gallon declining $0.00; whereas natural gasoline shed $0.79 to record $3.899. In London, Brent futures dropped $0.14 to record $115.780.

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