5 Aug 2014

WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady

mcx crude news

                      West Texas Intermediate crude traded near the highest price in three days before supply data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent in London was steady.
Futures were little changed in New York after snapping a five-day losing streak yesterday. Gasoline stockpiles probably fell for the first time since June last week, according to a Bloomberg News survey before a government report tomorrow. Kurdish fighters in Iraq retook northern border towns seized by militants from Islamic State, a breakaway al-Qaeda group, the Kurdistan Democratic Party said on its website.
“It’s been a good driving season,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone, referring to the summer period of peak fuel demand. “There is quite a sound floor below the price at the moment.”
WTI for September delivery was at $98.38 a barrel in electronic trading on the New York Mercantile Exchange, up 9 cents, at 2:45 p.m. Sydney time. The contract gained 0.4 percent to $98.29 yesterday, the highest close since July 30. The volume of all futures traded was about 39 percent below the 100-day average. Prices are little changed this year.
Brent for September settlement rose 18 cents, or 0.2 percent, to $105.59 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $7.20 to WTI. It closed at $7.12 yesterday.

Fuel Supplies

WTI declined 4.1 percent last week amid signs of weaker U.S. fuel demand. Gasoline supplies probably fell by 300,000 barrels to 217.9 million during the week ended Aug. 1, according to the median estimate of nine analysts surveyed by Bloomberg before the Energy Information Administration report. The country’s peak driving season typically runs from the end of May to Labor Day on Sept. 1.
U.S. crude inventories shrank by 1.5 million barrels to 365.9 million, the survey shows. Distillate stockpiles, a category that includes heating oil and diesel, expanded by 700,000 barrels.
The American Petroleum Institute is scheduled to release separate supply data today. The industry-funded group in Washington collects data on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the EIA.

Mideast Unrest

Kurdish fighters recaptured Sinjar and Rabia’ah near the Syrian border after heavy fighting yesterday, according to the Kurdistan Democratic Party. At least 50 Islamic State militants were killed as security forces battled to regain the village of Wana, south of Mosul dam.
The conflict has spared supply from Iraq’s south, home to more than three-quarters of its crude output. The nation is the Organization of Petroleum Exporting Countries’ second-largest producer, pumping 3 million barrels a day in July.
In Libya, turmoil could have “negative ramifications on a global scale” if the country continues to spiral out of control, Abu Bakr Bueira, a senior lawmaker told the country’s newly elected parliament yesterday. The nation is the smallest OPEC producer and holds Africa’s biggest oil reserves. - Bloomberg

32 comments:

  1. Bullion is fluctuating more these days. You have here given a great report on it so anybody can easily knows about the future fundamentals about it.Thanks for sharing here.
    Stock Trading Tips

    ReplyDelete
    Replies
    1. thanks for comment.keep following our blog and give feedback about our news.

      Delete
  2. CRUDEOIL (19 SEP.) TREND: CONSOLIDATE
    RES 1: 5700
    RES 2: 5740
    SUPP 1: 5620
    SUPP 2: 5570
    STRATEGY: SELL ON HIGH equity tips

    ReplyDelete
  3. it is very praiseworthy call anyone can make profit.........
    Stock future tips

    ReplyDelete
  4. I already subscribed this pack on my mobile and the tips are very accurate.
    Visit Here ?
    stock tips
    free trial

    ReplyDelete
  5. Many Many Thanks for Shearing this post,I read your post really wonderful and informative.
    free nifty trading tips

    ReplyDelete
  6. you provide very fresh calls different from all calls that shows your work good work keep doing ,,,,,,,
    commodity tips free trial

    ReplyDelete
  7. Russian oil producers have strengthened their position in Asia by supplying nearly a quarter more crude this year...
    share market tips in hindi

    ReplyDelete
  8. The new formula will not be fixed before the loan rate on deposits, but also on current deposit rates will be fixed rate debt.
    Stock Advisory Company in Indore

    ReplyDelete
  9. Stock Cash tips, Equity tips, MCX tips

    Tradebizz Research is a leading trading advisory company. We delivering best stock market tips for customer’s satisfaction. Stock cash tips, Equity tips, MCX tips.

    Visit:
    http://www.tradebizzindia.com/

    ReplyDelete
  10. wow... do we have daily LME Inventory over here ?

    ReplyDelete
  11. Epic Research recommends all about the technical report, live calls and daily market update, you can get good profit after trade in our calls.

    ReplyDelete
  12. We are providing Mcx Calls in Crude Oil in crude oil with 99% accuracy.

    ReplyDelete
  13. Bullion Jackpot Call are provide Jackpot Tips in MCX, Accurate Gold Tips, Sureshot Silver Tips, Single Target Tips, Silver Intraday Tips, believe that 'Our services along with our customers believe in will lead to an excellent Bullion Jackpot Call family'".
    Accurate Silver Tips

    ReplyDelete


  14. This is good for all traders and reliable for new investors. In time gold market has very fluctuated compare to silver. It fully depends on the economic condition of the market and its movements.

    Best Advisory Company

    ReplyDelete
  15. got to know importance of customer support services in india about both inbound and outbound.
    HNI calls

    ReplyDelete
  16. Safal Trading is one of the best intraday tips providers for Indian commodity market.

    Commodity tips Free Trial

    ReplyDelete
  17. Receive your good high profit Commodity Advisory Mcx Tips with our free one-day trial services in Bullion, Base-metal, Energy at commoditytrial.

    ReplyDelete
  18. Major Headlines of the day:

    • NHPC in power purchase pact with 7 power stations for 35 years.
    • Union Bank of India sells entire 5% stake in TransUnion CIBIL for Rs191 cr.
    • ABNL has transferred entire 51% stake in Birla Sun Life to AB Fin Svcs .capitalstars

    ReplyDelete
  19. nbice post about "WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady"

    Thanks,

    Gold Jackpot Call Specialist

    ReplyDelete
  20. wel writte post about WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady

    Thanks,

    NIOS Admission 12th 2018

    ReplyDelete
  21. Thanks for sharing this post. The Grs Solution is a top leading investment advisory company India.
    We provide best equity and commodity advice and perfect value. Trade With The Grs Solution Just Watch A Call And Subscribe Our Service And Get A Profit.
    share market advisory

    ReplyDelete
  22. Oil prices rose on Monday morning in Asia, boosted by news that China and the U.S. have put a looming trade war “on hold”.commodity

    ReplyDelete