Fundamental Oil Report (2011-03-24)

By @ibtimes on

NewsCrude hovers above $105 as supplies gain outweighs MidEast unrestPreviousForecastAnalysisCrude traded above $105 per barrel today as traders’ eye Mid-East violent upheaval in oil-rich countries. While US supplies are rising and thereby easing Mid-East jitters.

Crude today hovers around $105 per barrel recording its highest around $106.21 and lowest around $105.11, while it currently is trading around $105.97 per barrel.

According to the EIA Report yesterday, Total US crude inventories rose 2.13 MB for the third consecutive week to record 352.8 million, higher than forecasts of 1.5 MB. Meanwhile, gasoline fell by 5.32 MB to 219.7 million.

Crude yesterday traded around $105 per barrel recording its highest around $106.30 and lowest around $104.38 per barrel, closing around $105.54 per barrel. Futures rose yesterday and 24% since February 15, due to political conflict in the Middle East overwhelming the region as they turn more violent and thereby affecting demand on demand.

Moreover, international coalition forces continue striking Gaddafi loyalists for the fifth day providing rebels ample time to regroup, while Gaddafi refuses to give up as the US ruled out the possibility of land invasion. Meanwhile, in Syria governmental crackdowns have led to the death of 15 demonstrators and several others injured so far in Daraa region, while Yemen enforced a 30-day state of emergency in an attempt to gain grip on the growing numbers of anti-government protestors demanding the ousting of President Ali Abdullah Saleh.

As for NYMEX as of 04:39 EST; motor gasoline rose $0.01 recording $302.160 per gallon; heating is trading around $306.440 per gallon inclining $0.31; whereas natural gasoline climbed $0.99 to record $4.378. In London, Brent futures climbed $0.10 to record $115.670.

Join the Discussion