|News||The EIA Report|
|Previous||2.1 Million Barrels|
|Forecast||1.5 Million Barrels|
|Analysis||Crude traded below $104 per barrel today as supplies rise and could signal that demand may falter in the world’s largest energy consumer, while Deutsche Bank raises price outlook as Libyan conflict continues.|
Crude today hovers around $104 per barrel recording its highest around $104.75 and lowest around $104.12, while it currently is trading around $104.34 per barrel.
The US Energy Department is expected to release supply data later on today, where futures slid 0.6% following yesterday’s API showing a 5.7 million barrels rise last week for the fourth consecutive week, while EIA is expected to show a gain by 1.5 MB from 2.1 million; Deutsche Bank AG raised forecasts for 2011 to $107.75 per barrel by 18%.
Crude yesterday traded around $104 per barrel recording its highest around $104.96 and lowest around $102.69 per barrel, closing around $104.46 per barrel. Futures yesterday rose 81% as the US dollar in turn strengthened, due to political conflict in the Middle East overwhelming the region along with the US’ expected gain in imports for the fourth consecutive week ahead of the peak for the gasoline demand season.
Moreover, the Libyan conflict persists as Gaddafi loyalists attempt to block rebels from advancing to Sirte as output continues to dwindle in the OPEC nation cutting crude production by two-thirds in Africa’s third largest oilproducer.
As for NYMEX as of 05:15 EST; motor gasoline rose $0.15 recording $305.050 per gallon; heating is trading around $304.110 per gallon declining $0.01; whereas natural gasoline gained $0.61 to record $4.289. In London, Brent futures dropped $0.18 to record $114.950.