|News||The EIA Report|
|Previous||2.5 Million Barrels|
|Forecast||1.7 Million Barrels|
|Analysis||Crude traded above $98 per barrel today following recent violent clashes in Bahrain and Libya further disrupting supplies, outweighing Japan’s recent disaster that will directly impact demand as traders eye the EIA report today.|
Crude today hovers around $98 per barrel recording its highest around $98.64 and lowest around $96.21, while currently trading around $98.29 per barrel.
Bahrain demonstrations have taken a violent turn following Saudi Arabia and Gulf States sending troops to quell the uprising, where two people so far have been killed by the troops and several others injured. Meanwhile, the fight between Libyan rebel forces and Gaddafi loyalists continues cutting off the majority of crude production.
Crude yesterday traded around $101 per barrel recording its highest around $101.60 and lowest around $96.70 per barrel, closing around $97.29 per barrel. Futures rose yesterday due to ongoing political turmoil in the Middle East heating up, where if Japan’s disaster did not simmer down oil prices news of Saudi troops moving into Bahrain would have pushed crude prices to surge.
Japanese officials have recently decided to shutdown all four nuclear reactors due to safety reasons.
On our economic agenda, traders’ await the release of the EIA report from the US later on today; stockpiles may have risen 1.3 MB from 348.9 million today. Meanwhile, API showed a 91 thousand barrel gain last week.
As for NYMEX as of 05:29 EST; motor gasoline rose $0.95 recording $282.950 per gallon; heating is trading around $298.700 per gallon inclining $1.12; whereas natural gasoline climbed $1.19 to record $3.988. In London, Brent futures jumped $1.41 to record $110.050.