West Texas Intermediate crude traded
near the lowest price in almost three weeks before stockpile
data that may signal the strength of fuel demand in the U.S.,
the world’s biggest oil consumer. Brent was steady in London.
Futures were little changed in New York after declining 3 cents yesterday. U.S. crude inventories probably fell last week while gasoline supplies rose, according to a Bloomberg News survey before data from the Energy Information Administration today. The first tropical storm of the Atlantic hurricane season formed off Florida. Fighting in Iraq hasn’t spread to the south, home to more than three-quarters of its oil production.
“Markets are watching to see what’s happening in the U.S. now that we’re in drive-time,” David Lennox, a resource analyst at Fat Prophets in Sydney, said of the nation’s peak gasoline demand season in the summer. “The southern part of Iraq at this point has been free from fighting.”
WTI for August delivery was at $105.45 a barrel in electronic trading on the New York Mercantile Exchange, up 11 cents, at 1:47 p.m. Sydney time. The contract slid to $105.34 yesterday, the lowest close since June 11. The volume of all futures traded was about 58 percent below the 100-day average. Prices have gained 7.1 percent this year.
Brent for August settlement was 7 cents higher at $112.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.90 to WTI, compared with $6.95 yesterday.
U.S. crude inventories probably shrank by 2.4 million barrels to 385.7 million in the week ended June 27, while gasoline supplies expanded by 550,000 barrels, according to the median estimate of 10 analysts surveyed before the EIA report. The peak driving season typically starts on Memorial Day, which was May 26 this year, and runs through Labor Day on Sept. 1.
Futures were little changed in New York after declining 3 cents yesterday. U.S. crude inventories probably fell last week while gasoline supplies rose, according to a Bloomberg News survey before data from the Energy Information Administration today. The first tropical storm of the Atlantic hurricane season formed off Florida. Fighting in Iraq hasn’t spread to the south, home to more than three-quarters of its oil production.
“Markets are watching to see what’s happening in the U.S. now that we’re in drive-time,” David Lennox, a resource analyst at Fat Prophets in Sydney, said of the nation’s peak gasoline demand season in the summer. “The southern part of Iraq at this point has been free from fighting.”
WTI for August delivery was at $105.45 a barrel in electronic trading on the New York Mercantile Exchange, up 11 cents, at 1:47 p.m. Sydney time. The contract slid to $105.34 yesterday, the lowest close since June 11. The volume of all futures traded was about 58 percent below the 100-day average. Prices have gained 7.1 percent this year.
Brent for August settlement was 7 cents higher at $112.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.90 to WTI, compared with $6.95 yesterday.
Oil Stockpiles
U.S. crude inventories probably shrank by 2.4 million barrels to 385.7 million in the week ended June 27, while gasoline supplies expanded by 550,000 barrels, according to the median estimate of 10 analysts surveyed before the EIA report. The peak driving season typically starts on Memorial Day, which was May 26 this year, and runs through Labor Day on Sept. 1.
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