|News||The EIA Report|
|Previous||1.7 Million Barrels|
|Forecast||1.5 Million Barrels|
|Analysis||Crude traded near $105 per barrel today with the violent upheaval in the Middle East which is keeping traders jittery about possible crude disruptions, as we await for supply data later on today in hopes they will supress the rally.|
Crude today hovers around $105 per barrel recording its highest around $105.35 and lowest around $104.38, while it currently is trading around $105.02 per barrel.
The American Petroleum Institute yesterday showed a rise in inventories by 970 thousand barrels last week, below forecasts of a 2.0 MB increase; gasoline however fell by 7.9 MB as distillates also followed and fell 612 thousand million barrels.
Crude yesterday traded around $104 per barrel recording its highest around $105.15 and lowest around $102.11 per barrel, closing around $104.81 per barrel. Futures rose yesterday due to renewed political turmoil in the Middle East heating up in Yemen and Syria and could further support oil prices to continue higher.
Moreover, the violent protests continue spreading to Yemen and Syria as several people were killed and injured following clashes between governmental forces and anti-government protestors. Meanwhile, the fighting in Libya prevails as US Navy intelligence confirmed that Gaddafi’s forces were seen attacking civilians in the country’s third largest city of Misrata, where coalition forces are studying full options over that region as well.
On our economic agenda, traders anxiously await the EIA report expected to be released later on today.
As for NYMEX as of 04:33 EST; motor gasoline rose $0.40 recording $301.640 per gallon; heating is trading around $307.750 per gallon inclining $0.04; whereas natural gasoline climbed $0.75 to record $4.268. In London, Brent futures climbed $0.16 to record $115.880.