The crude oil complex traded higher throughout the morning hours, supported by a positive shift in risk-sentiment, upbeat US economic data and more details of an ECB bond buying program. EIA crude stocks slipped by a larger than expected 7.426 million barrels last week and to their lowest level in five months. Traders attributed the hefty draw to supply disruptions in the wake of Hurricane Isaac. October crude oil prices spiked to their high of the morning in response to the report. Crude oil imports for the week stood at 8.035 million barrels per day compared to 9.495 million barrels the previous week. The refinery operating rate was down 5.1% to 86.1%. October RBOB prices broke out to a new high for the move and above $3.02. EIA gasoline stocks fell 2.334 million barrels, which was in line with expectations. The natural gas market showed positive reversal action during the morning hours with its ability to bounce back from $2.765. Prices registered their high of the session in response to EIA storage data that showed a smaller than expected injection of 28 bcf. Total storage stands at 3,402 bcf or 10.7% above the 5 year average. Over the last four weeks natural gas storage has increased 161 bcf.
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