West Texas Intermediate (WTI) is currently trading at $97.70 a barrel, close to yesterday’s high, with the price supported by speculation that the US Energy Information Administration (EIA) will today report contracted distillate inventories last week as frigid weather continues to grip the world’s largest oil consumer.
The industry-funded American Petroleum Institute (API) yesterday reported that distillate stockpiles fell 1.46 million last week, gasoline inventories dropped 1.18 million barrels and crude oil stocks rose 384,000 barrels.
The EIA is due to announce the official data at 15.30 UTC today and analysts are picking distillate supplies, including heating oil and diesel, to have fallen 2.5 million barrels to 113.7 million last week, with gasoline stockpiles up 1.15 million and crude supplies 2.55 million.
The industry-funded American Petroleum Institute (API) yesterday reported that distillate stockpiles fell 1.46 million last week, gasoline inventories dropped 1.18 million barrels and crude oil stocks rose 384,000 barrels.
The EIA is due to announce the official data at 15.30 UTC today and analysts are picking distillate supplies, including heating oil and diesel, to have fallen 2.5 million barrels to 113.7 million last week, with gasoline stockpiles up 1.15 million and crude supplies 2.55 million.
WTI has risen during the past three weeks on weather-driven rising distillate demand and decreasing inventories and US weather forecasters are projecting sub-normal temperatures across most of the contiguous states at least till the 13th of the month. They also foresee heavy winter storms in some states.
No comments:
Post a Comment